Want Cheaper Prescriptions? Let the Bargaining Begin: Editorial

President Joe Biden and Senator Bernie Sanders wrote in a recent op-ed that there’s “no rational reason” why Americans pay the highest prices in the world for prescription drugs — almost three times more than their peers overseas, according to a recent analysis.

One rational reason is that, until recently, the US was the only developed country that didn’t negotiate prices with the pharmaceutical industry. Lawmakers eager to lower Americans’ health-care costs should stay focused on getting those negotiations right.

In most rich countries, one buyer — the government — bargains with manufacturers for bulk purchases of ...