“It’s time we reevaluate the standards for approving these mergers. It’s time we pass legislation to lower drug prices. And it’s time we rethink the structure of leadership at big pharmaceutical companies.”
A new report from Rep. Katie Porter (D-Calif.) reveals how Big Pharma uses mergers and acquisitions to increase profits at the expense of Americans’ healthcare.. Screenshot: CNN
Rep. Katie Porter on Friday published a damning report revealing the devastating effects of Big Pharma mergers and acquisitions on U.S. healthcare, and recommending steps Congress should take to enact “comprehensive, urgent reform” of an integral part of a broken healthcare system.
Seema Verma, administrator of the Centers for Medicare and Medicaid Services. Photo: White House/flickr
Less than a month away from the November election, Trump administration officials are reportedly rushing to implement the president’s recent proposal to send $200 prescription drug discount cards to nearly 40 million Medicare recipients—an $8 billion plan that would be financed by dipping into the Medicare trust fund.
Politicoreported Thursday that the administration is “seeking to finalize the plan as soon as Friday and send letters to 39 million Medicare beneficiaries next week, informing seniors of Trump’s new effort to lower their drug costs, although many seniors would not receive the actual cards until after the election.” While the design of the cards has yet to be finalized, officials are reportedly discussing ways to put Trump’s name on them. Continue reading →
During the debate Trump claimed that insulin is now “so cheap it’s like water,” but A 10ml vial of insulin from Novo Nordisk or Eli Lilly, for example, costs Americans $290, ranking it alongside the likes of Chanel No. 5 and scorpion venom as among the most expensive liquids in the world.
One of Trump’s more questionable claims he made at the now infamous first presidential debate was that he was driving down medical costs for ordinary Americans. Under his presidency, the 74-year-old New Yorker claimed, diabetes medicine insulin had gone from so expensive that it was “destroying families” to “so cheap it’s like water.” “This is big stuff,” he added.
Trump had indeed signed an executive order on insulin in July. But the scope of the new legislation was extremely limited, targeting only a small group of health care providers and benefitting only two percent of the relevant outlets for insulin. In reality, insulin prices have tripled in the last decade, rising to new exorbitant highs not seen anywhere else in the world. A 10ml vial of insulin from Novo Nordisk or Eli Lilly, for example, costs Americans $290, ranking them alongside the likes of Chanel No. 5 and scorpion venom as among the most expensive liquids in the world. Continue reading →
Consumer advocates reacted with disgust Monday to an announcement by Gilead Sciences that it will charge U.S. hospitals around $3,120 per privately insured patient for a treatment course of remdesivir, a drug which has proven modestly effective at speeding Covid-19 recovery times.
Peter Maybarduk, director of Public Citizen’s Access to Medicines Program, called Gilead’s pricing—which works out to around $520 per dose for non-government buyers like hospitals—”an offensive display of hubris and disregard for the public” and slammed the Trump administration for failing to ensure that the price of a drug developed with substantial taxpayer support is affordable for all. Continue reading →
It’s been nearly a month since the U.S. government began urging older Americans to stay home to avoid exposure to the new coronavirus. That means many older adults may be running out of their usual 30-day supplies of medication.
As the pandemic continues to spread, they increasingly face a difficult challenge: how to get the medications they need without putting themselves at risk.
As health servicesresearchers at the University of Michigan, we recently conducted a national survey to see how Americans over age 65 were responding to that dilemma. The results should be a call to action, both for older adults and for those who care about them. Continue reading →
Corporations’ quest for profits is what “is driving up drug prices and nothing more.”
That’s according to Dennis Bourdette, M.D., chair of neurology in the Oregon Health and Science University (OHSU) School of Medicine, who co-authored a study published Monday that sought to find out companies’ rationale for the escalating prices on medications for patients with multiple sclerosis. Continue reading →
U.K. Labour Leader Jeremy Corbyn holds redacted copies of the Department for International Trade’s U.K.-U.S. Trade and Investment Working Group report following a speech about the National Health Service in Westminster, London. Photo: Devutopia/Twitter
U.K. Labour leader Jeremy Corbyn on Wednesday unveiled over 450 pages of leaked documents that he said expose British Prime Minister Boris Johnson’s effort to open up the National Health Service to corporate exploitation in trade negotiations with U.S. President Donald Trump.
During a press conference, Corbyn said the Trump administration’s negotiators are “demanding” that the NHS be put “on the table” in talks over a possible post-Brexit trade pact between the U.S. and U.K. Continue reading →
Pfizer World Headquarters – New York City. Photo: Norbert Nagel/CC
A far-reaching lawsuit filed Friday by the attorneys general of more than 40 states accused some of the nation’s largest generic drug manufacturers of conspiring to inflate prices, in some cases by over 1,000 percent.
“We have hard evidence that shows the generic drug industry perpetrated a multi-billion dollar fraud on the American people,” Connecticut Attorney General William Tong, whose state led the probe into the companies’ practices, said in a statement. Continue reading →
“The outrageous cost of prescription drugs in this country is a crisis that the American people feel every day. There are real solutions we can implement that we know will lower drug prices and save lives.”
After President Donald Trump conclusively demonstrated last week that he is unwilling to take on the pharmaceutical industry and has no “legitimate plan” to lower drug prices, a group of 21 American and Canadian doctors on Thursday unveiled an ambitious plan that—unlike Trump’s “pharma-friendly” approach—would confront the drug industry and ensure the healthcare systems of both nations place the public good over private profit.
“Through a series of commonsense reforms, we can increase the affordability, safety, and effectiveness of medicine for our patients,” Dr. Adam Gaffney, co-chair of the Pharmaceutical Reform Working Group and one of the authors of the new plan, said in a statement. “Our pharmaceutical system prioritizes industry profits over public health, but it doesn’t have to be this way.” Continue reading →
“Don’t be fooled: President Trump and his administration are bought and paid for by Big Pharma,” Brad Woodhouse, campaign director of Protect Our Care, said in a statement. (Photo: Jeannie Baumann/Twitter)