OPENING: American cancer patients spent more than $21 billion on their care in 2019. That $21.09 billion included out-of-pocket costs of $16.22 billion and patient time costs of $4.87 billion. As cancer survival rates rise, so do the price tags of life-saving treatments. Monthly drugs costs may reach $100,000, causing many Americans to struggle with the physical and emotional effects of high out-of-pocket medical costs. Even worse, others are completely priced out of the hope for a cure

SUMMARY: With much attention on the public’s view on Medicare drug price negotiations, the latest KFF Tracking Poll finds large majorities support allowing the federal government to negotiate, and this support holds steady even after the public is provided the arguments being presented by parties on both sides of the legislative debate (83% total, 95% of Democrats, 82% of independents, and 71% of Republicans).

SUMMARY: John F. Kennedy said, “Change is the law of life, and those who look only to the past and present are certain to miss the future”. Change is coming for one simple reason; our country can’t sustain the current costs of healthcare. Today’s pharma CEOs should prepare their organizations for the future, not wasting money with lobbying costs.

SUMMARY:

  • The FDA has many puzzled as to why they approve some drugs with questionable data and ask for more data on other drugs.
  • The FDA approves drugs on the potential to save a life, the cost of the drugs is never considered in the process.
  • The FDA has been under criticism, but an internal investigation will focus on approval processes, not “why” a drug was approved.
  • Our healthcare system cannot continue to support marginally effective drugs. We need to learn to say NO.
  • Drug companies know how to play the system.

SUMMARY:

  • Pfizer asks for accelerated approval for a COVID booster shot even though the FDA says it’s unnecessary.
  • From 2016 to 2020, the 14 leading drug companies spent $577 billion on stock buybacks and dividends—$56 billion more than they spent on R&D over the same period.”
  • From 2016 to 2020, compensation for the 14 companies’ top executives totaled $3.2 billion.
  • The drug industry is driven by profits, not by patient’s needs.