AMERICANS AGREE: CONGRESS MUST ACT TO HOLD BIG PHARMA ACCOUNTABLE AND LOWER DRUG PRICES
Solutions to Reform Medicare Part D, Increase Competition and Boost Transparency Have Broad Bipartisan Support, Should Be Swiftly Passed
THE CRISIS OF RISING PRESCRIPTION DRUG PRICES
The anti-competitive tactics and price-gouging practices of Big Pharma have created a crisis of prescription drug affordability in America. Today, as many as one-in-four Americans are unable to afford their medications. Despite the mounting crisis, brand name drug makers continue increasing prices and fighting to evade responsibility.
In June 2019 alone, Big Pharma hiked prescription drug prices on 106 drugs by an average of 27 percent. Another recent report found overall drug prices climbed by 10.5 percent over the past six months – four times faster than the rate of inflation. Over those six months, prices increased on a whopping 3,443 drugs, compared to 2,919 drugs the previous year.
AMERICANS WANT LAWMAKERS TO HOLD BIG PHARMA ACCOUNTABLE
In a deeply divided Washington, lowering drug prices is one of the few areas where both chambers of Congress and the Trump Administration have a real opportunity to work together, across party lines, to deliver results for the American people. The American people are demanding action to hold Big Pharma accountable and lower prescription drug prices.
Voters Across the Political Spectrum Are Demanding Action:
- Following the August Recess, 70 percent of Americans ranked lowering prescription drug prices as a “top priority” for Congress. (Ashley Kirzinger, Audrey Kearney & Mollyann Brodie, “KFF Health Tracking Poll – September 2019: Health Care Policy In Congress And On The Campaign Trail,” Kaiser Family Foundation, 9/12/19)
- Over 9 in 10 voters said it’s important that lawmakers “take action to reduce prescription drug prices in this session of Congress.” (Geoff Garin & Whit Ayres, “Poll: Voters Are Angry About Prescription Drug Costs,” The Hill, 5/24/19)
- The Kaiser Family Foundation found that “lowering prescription drug costs remains a priority for the public with majorities of Democrats, Independents, and Republicans saying this was important for congress to work on.” (Ashley Kirzinger, Lunna Lopes, et al., “KFF Health Tracking Poll – February 2019: Prescription Drugs,” Kaiser Family Foundation, 3/1/19)
Republicans and Democrats Agree Big Pharma Is Responsible for the Crisis:
- A recent Gallup poll found that Americans rank Big Pharma as the most poorly regarded U.S. industry – below oil and gas, big banks and even the federal government. (Justin McCarthy, “Big Pharma Sinks To The Bottom Of U.S. Industry Rankings,” Gallup, 9/3/19)
- A majority of Americans think Big Pharma’s “anti-competitive tactics and price-gouging are responsible for high prescription drug prices in the U.S.,” including 61 percent of Republicans and 56 percent of Democrats. (“Americans’ Opinion on the Proposed Rebate Rule,” Morning Consult, 6/5/19)
Overwhelming Majorities Support Solutions to Hold Big Pharma Accountable:
- Over 90 percent of Americans “are in favor of various proposals designed to reduce the prices of prescription drugs including making it easier for generic drugs to come to market.” (“2019 Prescription Drug Survey – Likely Voters,” AARP, 3/19)
- The Kaiser Family Foundation found that “a majority of adults, including seniors, are in favor of many policy options aimed at curbing prescription drug costs.” (Ashley Kirzinger, Lunna Lopes, et al., “KFF Health Tracking Poll – February 2019: Prescription Drugs,” Kaiser Family Foundation, 3/1/19)
- A whopping 84 percent of Americans believe policymakers in Washington should focus on cracking down on the anti-competitive and price gouging tactics of Big Pharma to lower drug prices. (“Americans’ Opinion on the Proposed Rebate Rule,” Morning Consult, 6/5/19)
- 76 percent “favor placing an annual limit on out-of-pocket prescription drug spending for seniors with Medicare.” (Ashley Kirzinger, Lunna Lopes, et al., “KFF Health Tracking Poll – February 2019: Prescription Drugs,” Kaiser Family Foundation, 3/1/19)
BIPARTISAN SOLUTIONS ON THE TABLE
Despite rising political pressures in Washington, there has been earnest bipartisan cooperation on drug pricing solutions and there is broad, bipartisan support for a number of key drug pricing reforms that will hold Big Pharma accountable and lower drug prices.
Solutions with broad, bipartisan support from House Democrats, Senate Republicans and the administration include:
With only a finite number of legislating weeks left in 2019, it is critical lawmakers capitalize on the unprecedented momentum to hold Big Pharma accountable and lower prescription drug prices by coming together to get these bipartisan solutions passed into law.