The dangerous bipartisan enthusiasm for drug price controls

For years, politicians have railed about the high cost of prescription drugs. But now, they appear poised to take action. Democrats and many Republicans want to impose price controls on medicines.

One proposal would allow patients to import price-controlled medicines from Canada. Another would allow federal bureaucrats to effectively dictate the price of medicines sold through Medicare’s prescription drug program. Yet another plan would index Medicare reimbursements for advanced drugs to the artificially capped prices paid in other developed nations.

All of these reforms would ultimately do fa...