Straight Talk on Drug Reimportation

George Will writes:

...was it unreasonable for Kerry to think McCain might be comfortable on a Democratic ticket? Not really.

In ABC's New Hampshire debate, McCain said: "Why shouldn't we be able to reimport drugs from Canada?" A conservative's answer is:

That amounts to importing Canada's price controls, a large step toward a system in which some medicines would be inexpensive but many others -- new pain-relieving, life-extending pharmaceuticals -- would be unavailable. Setting drug prices by government fiat rather than market forces results in huge reductions of funding for research and development of new drugs. McCain's evident aim is to reduce pharmaceutical companies' profits. But if all those profits were subtracted from the nation's health care bill, the pharmaceutical component of that bill would be reduced only from 10 percent to 8 percent -- and innovation would stop, taking a terrible toll in unnecessary suffering and premature death. When McCain explains that trade-off to voters, he will actually have engaged in straight talk.

There are decent, intelligent people who believe that equity or efficiency or both are often served by government setting prices. In America, such people are called Democrats.

I would replace "intelligent" with "misguided" or "short-sighted", but the point stands.