Big pharma CEOs make millions while high drug prices force Americans to choose between paying for medications they need to live or paying for food and rent.
There's something deeply wrong when corporate greed overtakes public good.
Follow the money with this relationship map which shows:
- The ten Medicare Part D drugs that the Biden-Harris administration has targeted for price cuts through negotiation
- The size and profits of the big pharma firms making these drugs
- How much the CEOs make every year while many Americans cannot afford their prescription medications.
Blood money is made at the cost of another's life. It's time to curb Big Pharma greed that's killing Americans with unaffordable drug prices.
Follow the blood money
Inflation Reduction Act cuts drug prices
In 2022, Democrats passed the Inflation Reduction Act without a single Republican vote. That law permits the government to negotiate with pharmaceutical companies over drug prices the government will pay.
The ten drugs listed in today’s announcement are among those with the highest total spending in Medicare Part D, and today the Department of Health and Human Services released a report that 9 million seniors paid a total of $3.4 billion for these drugs in 2022. The Congressional Budget Office, the nonpartisan agency that provides budget and economic information to Congress, estimates that government negotiation over these drugs will save taxpayers about $98.5 billion over ten years. If a drug maker refuses to negotiate, it either will face a significant tax or must withdraw from Medicare and Medicaid. - Letters From An American
Multi-million dollar salaries
Americans pay three times as much for drugs
“For far too long, Americans have paid more for prescription drugs than any major economy. And while the pharmaceutical industry makes record profits, millions of Americans are forced to choose between paying for medications they need to live or paying for food, rent, and other basic necessities. Those days are ending,” President Joe Biden declared.
The government announced the first ten drugs whose prices it will negotiate with pharmaceutical companies for about 65 million Medicare recipients. Until now, the United States has been virtually alone as the only country in which the government did not negotiate or regulate medicine prices, instead allowing companies to set whatever prices they believe the market will bear. Since their products often are the difference between life and death, it turns out the market will bear quite high prices, but—as Biden observed—those prices often force consumers to sacrifice in other ways to afford them.
A 2021 study by the RAND corporation found that drug prices average 2.56 times higher in the U.S. than in 32 other countries. For name brand drugs, U.S. prices were 3.44 times those in comparable nations. - Letters From An American
The Biden administration unveiled the first 10 prescription drugs that will be subject to price negotiations between manufacturers and Medicare, kicking off a process that aims to make costly medications more affordable for older Americans. President Joe Biden’s Inflation Reduction Act, which passed in a party-line vote last year, gave Medicare the power to directly hash out drug prices with manufacturers for the first time in the federal program’s nearly 60-year history. The agreed-upon prices for the first round of drugs are scheduled to go into effect in 2026. - CNBC
TakeAway: Stop Big Pharma greed that's killing Americans. The Biden-Harris administration plan is a great start!
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