- Pharmaceutical and biotechnology sales revenue increased from $534 billion to $775 billion between 2006 and 2015. Additionally, 67% of drug companies increased their annual profit margins during the same period—with margins up to 20 percent for some companies in certain years. (Source: GAO)
- Pharmaceutical companies continue to rake in the highest profit margins.
- Eight of the 15 highest net profit margins were at drug companies.
- Yet PhRMA has launched a social media campaign to point the finger at hospitals.
- The amount of money people spend on prescription drugs has nearly doubled since the 1990s.
- According to the GAO “pharmaceutical and biotechnology sales revenue increased from $534 billion to $775 billion between 2006 and 2015. Additionally, 67% of drug companies increased their annual profit margins during the same period—with margins up to 20 percent for some companies in certain years”.
- Pharmaceutical companies have some of the highest profit margins in the world, a distinction that has earned the industry criticism from both politicians and consumers, who often complain about the high prices of prescription drugs
- PhRMA launched a PR campaign to blame PBM’s for high drug prices and it seems to be working.
(PhRMA) president and CEO Stephen J. Ubl issued the following statement on President Donald Trump’s drug pricing blueprint: “These far-reaching proposals could fundamentally change how patients access medicines and realign incentives across the entire prescription drug supply chain. While some of these proposals could help make medicines more affordable for patients, others would disrupt coverage and limit patients’ access to innovative treatments”. Folks, that is chutzpah. Continue reading
KEY TAKEAWAY: The pharma industry’s top trade group on Tuesday launched a new series of ads as part of its drug pricing campaign aimed at blaming cost increases on insurers and pharmacy benefit managers. However, it’s trying to bail water from a sinking ship. Continue reading
KEY TAKEAWAY: PhRMA, the pharma mouthpiece, is just not believable anymore because people have access to information that clears away the propaganda they spew.