Drug price controls could cost in access to life-saving medications

As the Trump Administration finalized a new regulation designed to lower prescription drug prices, two Republican senators also introduced legislation to cap domestic pricing at foreign prices. The bill would likely backfire and deprive Americans of lifesaving medicines. Such restrictions make companies unable or unwilling to sell their drugs in foreign countries. Americans have access to 95% of cancer drugs released worldwide between 2011 and 2018. But patients in Canada have access to only 58% and in the United Kingdom to just 74%.

Source: The National Center for Public Policy Research, May 13, 2019

Are the proposed price controls price floors or price ceilings?

Q. The price controls described in the news clip are ____.

a. price floors

b. price ceilings