Repeal and replace

Last week’s elections created a great deal of uncertainty in Washington, but one thing is quite certain: elements of the Affordable Care Act that gave the executive branch power to impose de facto price controls on drugs will be vaporized.

The GOP’s retention of majorities in both houses of Congress also substantially reduces the threat that public anger over drug prices will be translated into legislation that reduces the industry’s profits. Still, pressure to reduce drug prices in the U.S. did not suddenly evaporate on Nov. 8, legislation cannot be ruled out, and the election will do nothing to reduce efforts by private payers to attack drug costs. ...