President Biden Takes On Big Pharma and Is Lowering Prescription Drug Prices
A new report released today shows that in 2022, Big Pharma charged Americans two to three times more than what they charged people in other OECD countries for the same drugs, even when accounting for rebates and discounts. As one example, U.S. gross prices for insulin – a drug that has been around for 100 years and costs drug companies just $10 a vial to make – were on average almost ten times the price in the United States than in comparison countries.
This comes as large drug companies spent nearly $750 billion on self-enriching stock buybacks and dividends over the last decade. Big Pharma also executed over $135 billion in mergers and acquisitions in 2023 alone, while passing the cost to consumers. And six of ten of the drugs selected for this year’s negotiation program raised their prices in the first month of 2024 – after all ten drugs were already priced three to eight times higher in the United States than in other countries.
President Biden’s drug price negotiation program finally takes on Big Pharma’s exorbitant price gouging of seniors, allowing Medicare to put money back in the pockets of American families. By negotiating lower prices for these drugs – and dozens more in the years that follow – the Biden Administration is creating a new and better deal for patients.