This will hurt US drug companies and the development of new drugs.
The WTO has dropped the ball on intellectual property rights for drugs. Most (all?) other countries threaten to produce the drug domestically if the drug companies do not sell at the demanded prices. The goal of importation is to impose price controls indirectly. Price controls reduce supply and innovation.
The importation idea will not work as these politicians envision. The drug companies will not sell excess drugs to these countries. Little supply will be available for importation. Canada has threatened to stop the export of its cheap drugs.
Hey, I think you're right! If we don't give Sony immediate monopoly power over computer chip production, the whole field will grind to a halt.