This administration doesn’t understand the US healthcare market

  • 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.

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Let’s pretend drug prices in ads matter

  • Employee’s are once again getting hit with more of the costs of their coverage in the form of higher premiums and higher deductibles.
  • Health care premiums continue to take up more of employees’ paychecks.
  • Just over a quarter of all covered employees are enrolled in policies with a deductible of at least $2,000, up from 22 percent last year and 15 percent five years ago.
  • Worldwide obesity has nearly tripled since 1975, according to the World Health Organization. In 2016, more than 600 million adults were obese — or about 13 percent of the world’s population leading to a jump in cancer cases and other costly health conditions. Continue reading

Business as usual for drug companies

  • Despite Trump’s plan to lower drug prices companies still hiked prices far more often than they cut them. This year through the end of July, there were 4,412 brand-name drug price increases and 46 price cuts, a ratio of 96-to-1.
  • Pharma continues to try and confuse the issue of drug pricing by blaming hospitals and PBM’s.

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Pharma learns a hard political lesson

KEY TAKEAWAY: Shares of biotechnology and pharmaceutical companies retreated after President-elect Donald Trump vowed in a magazine article to crack down on drug prices. Drug stocks fell after Mr. Trump was quoted in a Time Person of the Year article as saying: “I’m going to bring down drug prices.”  Better put that champagne on ice. Continue reading