By: Bill Wong, board member, Las Vegas Asian Chamber
Last month, Congress re-introduced H.R.3, a bill that would enact price controls on prescription drugs. While well-intentioned, price-setting legislation could harm the future development of cures.
Considering the incredible success of our biopharmaceutical industry this past year, I was surprised to hear legislators revisiting this proposal. As both a patient and former restaurant owner, I have been especially grateful for the COVID-19 vaccines. These rapid advances are exactly what Las Vegas business owners have needed to survive.
Nearly all restaurants have razor-thin margins, so even slight economic interruptions can place massive financial strains on operations. Unfortunately, the impact of lockdowns and a fear of dining out had already forced many local shops and eateries to permanently close.
As an Asian American, I have been especially concerned about the impacts on Asian-American businesses. We saw early on that a misunderstanding about the novel coronavirus caused some customers to avoid Chinese, Japanese, Thai, and other Asian restaurants. My previous franchise, the first and still only Asian American-owned McDonald’s in Nevada, was also affected.
Naturally, I have been worried about my own health too. As a diabetic, I use insulin shots every day and adhere to a strict diet. But over the past year, my underlying health condition also meant I was more susceptible to contracting COVID-19 and suffering severe side effects. However, now armed with the vaccine, I feel like a huge weight has been lifted from my shoulders. I can finally go about my life without fearing for my health, and I have peace of mind knowing that others are protected too.
We owe great thanks to our biopharmaceutical companies for innovating in record time to produce these vaccines. We also need to acknowledge that such research was only possible because of our strong, free-market system. But with the re-introduction of H.R.3, the lives of patients like me could be in jeopardy. In fact, the Congressional Budget Office estimates that we could lose up to 30 treatments in the next several years, and I hate to think of all the patients that will be left behind.
We all know that innovation is one of America’s best assets. Why then, are our leaders trying to stifle medical advancements, especially when we are just now emerging from a global health crisis?
Instead of passing price controls that will endanger biopharmaceutical innovation, leaders must protect scientific progress. We need to maintain a free-market environment so that treatments, therapies, and cures for diseases — including diabetes — follow a path like that of the vaccine. Because even after the pandemic is over, our work is far from over; we still have millions of health conditions to solve.
Finding cutting-edge treatments and cures should always be a priority because every American deserves a chance to lead a healthy, happy life. I only hope our elected officials understand the impact of biopharmaceutical innovation and oppose H.R.3.
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The opinions, beliefs and viewpoints expressed by the author do not neces- sarily reflect the opinions, beliefs and viewpoints of the Asian Journal, its management, editorial board and staff.
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Bill Wong started as a crew member at McDonald’s in 1971, and is now the first and only Asian American franchise owner and operator in Las Vegas, NV. William’s philanthropic contribution to the Las Vegas community is tremendous. He has financially supported a number of organizations such as the Ronald McDonald House, KNPR (Public Channel of Las Vegas), the Bill Endow Scholarship Foundation, the Mac Grant Program for the Clark County School District. He also provides year-round free meals to less fortunate and homeless students at Rancho High School. He donates to many local non-profit organizations such as PBS Vegas, Three Square, Asian Community Development Council, Asian Chamber of Commerce, Chinese New Year in the Desert, and DECA.
