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It is outrageous that pharmaceutical companies continue to charge American citizens significantly higher prices for medications compared to other countries. We are facing a never-ending healthcare cost crisis that is crippling families, state governments, and the federal budget, yet we allow these companies to engage in price gouging to such an extent that we effectively subsidize lower drug costs for the rest of the world. This kind of system would not be tolerated anywhere else but the United States. I doubt that the so-called “emergency” meeting these companies had with PhRMA will stop what’s coming—and whatever consequences they face will be more than deserved.
Well, if you don’t want new lifesaving drugs, sure. Cut off the pharma profits that fund R&D.
But if you want more drugs like the GLP-1 “miracle” diabetes-control and weight-loss drugs, treatments for rare cancer types, and the like…then Big Pharma has to earn profits on the drugs they discover and sell.
Eventually, everyday maintenance drugs go off patent and become cheap. The generic statin drug I take is less than two cents a day. A key blood-pressure drug is about $10/month. A small price to pay to overcome inherited conditions.
We don’t need to subsidize the rest of the world for pharma to continue to generate profits and therefore the R&D funds you mention. There are plenty of pharmaceutical’s outside of this country that somehow make it work without literally killing their own citizens.
And “small price to pay”? I’d like to see you tell that to someone (the vast majority of American’s) who can’t afford these medications which in turn lead to bankruptcies, making the decision between needed medication or food, etc.
Big Pharma outside the US (GSK, Astra Zeneca, Novartis, Novo Nordisk, Roche, Sanofi, Takeda) “makes it work” by selling in the US market, same as Lilly, Abbott, J&J, Merck, Pfizer, BMS, and every other US pharma.
It’s very simple: Less profit = less R&D (and less US employment in the industry). Period. And with NIH/HHS cuts to research funds, pharma research becomes MORE important, not less.
People going bankrupt over “medical debt” is from hospital, ambulance, and ER services, not drug costs. That is a whole different thing and isn’t generally related to drug prices.
Chris – how’s that going for insulin?
Frankie, ever hear about $35 insulin from Lilly and Novo?
I think there could be a nice middle ground that they could meet at. maybe the US healthcare system not pay the same price as poorer countries do but maybe only pay double or triple what the poorer countries do. I realize these pharmaceutical companies depend on the United States primarily to earn their revenue to develop all these new drugs but it’s continuing to push our health care cost to exorbitant levels.
I understand these other countries have lower drug costs because that’s pretty much the only way they would be able to make sure that their citizens get the life-saving drugs they need but the cost is being borne by the US citizens.
When it comes to our healthcare, obviously Shareholder Value matters more than anything else. Right?
Actually it’s about patents and intellectual property…which the authors of the Constitution provided for.
Article 1 Section 8 gives Congress the responsibility “To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries”.
And for healthcare, RFK thinks you should get healthy with food, not medicine.
LOL. “Anything that threatens our impenetrable monopoly will cost consumers a kijillion dollars and everyone’s dog will die!” says stakeholders of the monopoly.
Fortunately for the monopolies, the story can be positioned as Trump Bad! So Nate and the “journalists” are here to carry the water
Chuck, patents are limited monopolies granted to inventors (and recognized by the Founders as essential to the Union).
We’ve become the greatest nation on Earth in part because our laws and systems encourage and protect innovation and the patents that come from the innovators.
You know, that whole MAGA thing fails if you cut the legs out from under it.