Healthcare doesn’t give a damn about patients

A new analysis released Wednesday by Patients for Affordable Drugs estimates that pharmaceutical companies in the U.S. have raised drug prices 1,186 times so far this year. But they’re not alone. Health insurers in individual marketplaces across 13 states and Washington D.C. will raise rates an average of 10% next year, according to a review of rate filings by the Kaiser Family Foundation.

Patients for Affordable Drugs found that between June 24 and July 5, pharmaceutical companies increased prices for 133 products. Pfizer, for instance, hiked the cost of its leukemia medication Besponsa again this month, bringing its per-vial price tag to $21,056.

“This is PPfizer’sfourth hike on the cancer drug during the Covid-19 pandemic—even as the company enjoys record-shattering profits from its vaccine,” “the analysis notes.

The patient group also spotlighted AAmgen’sprice hikes for its autoimmune disease drug Enbrel. The California-based firm’sprice increases for the medication have exceeded even the record-high U.S. inflation rate. The pharma industry’s latest price hikes demonstrate why the Senate must pass the comprehensive drug pricing reforms in the reconciliation package.

This comes at a time when in 2021, CEOs of S&P 500 companies received, on average, $18.3 million in total compensation. Healthcare CEOs are among the top earners.

So let’s be brutally honest here; it’s not about patients; it’s about profits and shareholders across the board. Ms are raking in billions, and salaries within the industry have skyrocketed to where even Directors are making higher salaries than other industry averages.

In his usual annoying way, Mitch McConnell is trying to block drug pricing legislation. H says it’it’sform of socialism when it’it’soviding shareholders with a lot of money. Of course, Mitch is worth $35 million, so he’he’llver have to worry about the high cost of healthcare. Still, this is unacceptable in a country where we believe our healthcare is the best (it isn’t), where life expectancy is declining.

Will the industry ever develop a conscience?