Pharma Execs Grilled By Senate On High Drug Prices
Pharma execs were grilled yesterday by the Senate Finance Committee on their consistently high drug prices. Drug prices in the United States are the highest in the world. Incredibly, this is for the same drugs from the same U.S.A. drug companies that sell them for less outside the U.S.
Hardest hit are families on fixed incomes as well as senior citizens who take several medications for a variety of chronic illnesses.
As an example, Pepcid and ibuprofen are combined into a single drug and sold for the price of $2300 for a 90-day supply.
In fact, Congress has repeatedly warned pharmaceutical executives against shifting blame to other players in the supply chain.
The pharma execs also argued that while a drug’s list price often is targeted by lawmakers, it has little relation to what consumers pay. Consumers costs are determined by a fraction of a drug’s list price.
The bottom line is that at some point a resolution on drug prices must be achieved.
Pharma Execs: Agree With Trump Administration On One Thing
All of the pharma execs at yesterdays hearing agree with the Trump Administration that the rebate program manufacturers pay insurers must be reformed. Such reform will lead to lower drug list prices.
Most important, was that four of the seven drug companies also endorsed a version of the CREATES Act.
This legislation will prevent brand-name pharmaceutical manufacturers from refusing to sell drugs to generic companies. The immediate benefit is it will increase generic competition and lower drug prices.
The Congressional Budget Office has estimated this would save Medicare and Medicaid $4 billion dollars over the next 10 years.
Get it done, Congress!