Drug price controls: right objective, wrong solution

This month, President Trump signed an executive order to reduce Medicare spending on prescription drugs. For each medication, Medicare will pay no more than the lowest price available in other developed countries.

President Trump has been true to his campaign promises. I voted for him in 2016, and will again in 2020. However, in this case, the administration identified the right problem, but chose the wrong solution.

It’s no accident that the United States leads the world in developing new medicines. We have the world’s best universities, which conduct much of our basic scientific research. We...