> Over the next 20 years, one side effect of this sort of bill might be to slow that innovation down.

There was an article in The Economist recently (unable to find the link - read a hard copy) which dispelled this myth. Research was done in some European countries (including the UK) which showed that introducing the NHS has not slowed down innovation. They also suggested some incentive plans to make sure innovation did not take a hit.

In either case, I think it's a long stretch to say that this bill, among other things, will lead to a reduced drug innovation. The money in the Drug business in the US and around the world will ensure that does not happen.