Drug companies have made clear that they’ll never voluntarily reduce prices.
The pharma industry has spent more than $216 million on lobbying this year.
“Telling companies to voluntarily lower their prices and expecting it to happen on a consistent basis is not a realistic long-term policy proposition,” said Anthony T. LoSasso, a professor of health policy and administration at the University of Illinois at Chicago.
American consumers regularly pay two to six times more for the same drugs as people abroad, but the United States spends some of the lowest amounts of its total healthcare on prescription drugs relative to other developed nations.
By law, Medicare cannot engage in pharmaceutical negotiations for prices.
PhRMA cites that on average, it takes more than 10 years and $2.6 billion dollars to bring a drug to market but these costs may be overstated.
This administration doesn’t understand how our healthcare system really works.