Drawing on Austrian economics, CFJ argues that market prices—not foreign administrative ceilings—guide rational investment and innovation. Embedding government-set international price controls into Medicare would distort those signals and undermine U.S. pharmaceutical leadership

CMS’s GLOBE and GUARD proposals would tie Medicare drug payments to foreign government-set prices. In its comments, CFJ warns that importing international reference pricing into Medicare risks distorting innovation incentives and layering additional complexity onto an already heavily regulated system.