Big Pharma is responsible for out-of-control drug prices. It’s time for Congress to hold them accountable.

Let’s set the record straight: Brand name drug companies are solely responsible for setting and hiking prescription drug list prices — and game the system to extend product exclusivity on their products, undermine competition from more affordable alternatives in the market and keep prescription drug prices high.

Now, as Americans demand solutions to lower prescription drug prices, Big Pharma continues to push debunked blame game rhetoric meant to deflect attention and evade accountability for the pharmaceutical industry’s own egregious practices.

 

The Real Culprit Of Out-Of-Control Drug Prices? Big Pharma’s Price Hikes & Skyrocketing Launch Prices

While Big Pharma deflects blame at every turn, the industry’s repeated price hikes and skyrocketing launch prices for new drugs have contributed to an unprecedented crisis of prescription drug affordability. The industry’s pandemic price hikes alone, while millions of Americans have continued to struggle to afford their medications, are staggering.

  • Big Pharma Hiked Prices on Nearly 800 Prescription Drugs in January 2022 Alone
    In January of this year alone, Big Pharma hiked prices on 791 brand name medications, including treatments for serious conditions like cancer and HIV. Big Pharma companies among those hiking prices to start the year included:

    • Pfizer hiked prices on more than 100 drugs, including a whopping 16.8 percent price increase on its popular drug Solu-Cortef which treats various conditions such as arthritis, blood diseases, and certain cancers.
    • GlaxoSmithKline raised prices on more than 30 drugs, with cancer drug Zejula and seizure drug Lamictal topping the list with seven percent price increases each.
    • Bristol Myers Squibb raised prices on more than a dozen of their drugs.
    • Gilead Sciences raised prices 5.6 percent on HIV drugs Biktarvy and Descovy.

Learn More About Big Pharma’s 2022 Price Hikes

  • Big Pharma’s Price Increases Outpace Inflation
    Big Pharma’s never-ending price hikes are outpacing inflation — escalating the crisis of affordability for Americans who face financial uncertainty purchasing their medications and imposing heavy costs on taxpayers. A recent analysis from the Kaiser Family Foundation (KFF) found Big Pharma hiked prices faster than the rate of inflation on 23 of the top 25 most popular prescription drugs in the Medicare Part D program in 2020. Drug companies’ price hikes also outpaced inflation on 16 of the top 25 best-selling drugs in the Medicare Part B program.

Learn More About How Big Pharma’s Price Hikes Are Outpacing Inflation

  • Voters Support Solutions That Hold Big Pharma Accountable
    Voters overwhelmingly view out-of-control prescription drug prices as a top political issue in the upcoming midterm elections and want policymakers to act on repeated promises to lower prices and hold Big Pharma accountable.
    A February poll commissioned by CSRxP found:
    • 87 percent of U.S. voters said the pharmaceutical industry is responsible for out-of-control drug prices
    • 91 percent of voters said drug prices were an important issue for them in the upcoming midterm elections
    • More than three-in-four said it would impact their vote if Congress failed to pass solutions to lower drug prices

Learn More About Why Lawmakers Must Hold Big Pharma Accountable

 

The Same Tired Tactics

Millions of advertising from Big Pharma attempts to place blame for high prescription drug prices on “nonmanufacturer stakeholders,” entities that include pharmacy benefit managers (PBMs), health plans, hospitals, the government, pharmacies and others in the supply chain – in other words, everybody except brand name drug manufacturers.

 

What Do PBMs Actually Do?

PBMs’ mission is to bring down health care costs for patients. They do this in a few ways:

  • First, they negotiate with drug companies to secure lower prices on certain drugs – savings that patients, employers, and taxpayers realize in lower premiums and out-of-pocket costs.
  • Second, they work with doctors to ensure that patients are getting medications that are right for them.
  • Third, they work with patients to ensure they take their medication properly, so they get healthier faster and stay healthier longer.

More than 266 million Americans are served by the PBM industry. Even Big Pharma companies, who are themselves, large employers, contract with PBMs to negotiate lower drug prices for their own employees. And before Big Pharma leaned into a years-long blame game strategy, the brand name drug industry used to praise the role of PBMs.

Learn More About The Supply Chain Myths Big Pharma is Perpetuating

 

Articles

  • Read more about why Big Pharma’s bogus rhetoric on innovation doesn’t add up HERE.
  • Learn more about the cost of Big Pharma’s patent abuse HERE.
  • Read more about how Big Pharma sidestepped the industry’s own price hikes and egregious practices in the latest bid to evade accountability HERE.
  • Read about PhRMA’s recent ad campaign that aims to dodge accountability HERE.
  • Read more about a recent study that found drug companies hiked prices faster than inflation on 23 of the top 25 most popular Medicare Part D drugs HERE.
  • Learn more about why voters see through Big Pharma’s blame game and want lawmakers to focus on holding Big Pharma accountable HERE.
  • Learn more about the Congressional Oversight Committee’s recent report exposing Big Pharma’s egregious pricing and anti-competitive behavior, and debunking their innovation rhetoric HERE.
  • Learn more about market-based solutions to hold Big Pharma accountable and lower drug prices HERE.

 

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