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John Tierney\\xa0joins\\xa0City Journal\\xa0editor\\xa0Brian Anderson\\xa0to discuss what the debate over prescription drugs gets wrong and the cost that government-imposed price controls could have on\\xa0one of\\xa0the\\xa0world\'s\\xa0most innovative industries.

The\\xa0business practices of the\\xa0pharmaceutical industry--or "Big Pharma"\\u2014are\\xa0one of the most divisive political issues of our time. Leaders from both\\xa0political\\xa0parties, from Bernie Sanders to President Trump, regularly\\xa0denounce drug companies for profiteering and\\xa0call\\xa0for lower\\xa0drug\\xa0prices. But as Tierney\\xa0notes\\xa0in\\xa0City Journal, "of every dollar that Americans spend on health, only a dime goes for prescription drugs. The lion\'s share of health spending goes to hospitals and people in the health-care professions."

America has been called the "Pharmacy to the World" because it\'s where more than half of new drugs\\xa0get\\xa0developed and tested in clinical trials. Patients in Europe and elsewhere enjoy\\xa0the\\xa0benefits\\xa0of these\\xa0breakthrough drugs. Price controls in the U.S. would significantly curtail\\xa0new research and development projects--resulting in a net loss for everyone.