It’s time the industry dropped its suits, complied with the law and negotiated lower prices.
By Steve Knievel
Big Pharma and U.S. Chamber of Commerce lawsuits attempting to block the negotiation of drug prices under the Inflation Reduction Act (IRA) are abhorrent [“U.S. eyes battle with pharmaceutical giants over medication costs for seniors,” news, Aug. 19].
Without these IRA provisions allowing Medicare to negotiate drug prices, and penalizing companies for price spikes, corporations can price drugs at virtually whatever levels they choose, and then raise prices with little constraint. These high prices threaten patient access — and result in seniors and people with disabilities having to choose between paying for groceries and rent or filling their prescriptions.
The United States routinely pays two to four times the prices of other large, wealthy countries for prescription drugs. In 2020, U.S. sales of the 20 top-selling drugs worldwide totaled $101.1 billion, while sales to the rest of the world totaled nearly $57 billion. In other words, the United States spent almost double what the rest of the world combined did on these top 20 drugs.
Last week, more than 70 organizations and 150,000 individuals rallied in support of the drug-pricing provisions of the IRA. Several advocacy organizations filed an amicus brief supporting the Department of Health and Human Services’ position that the motion for a preliminary injunction requested by the chamber and the other plaintiffs in that case should be denied.
It’s time the industry dropped its suits, complied with the law and negotiated lower prices.
Originally published by The Washington Post, 08.25.2023, republished under fair use.