Drug pricing has been a hot topic in 2015 — and what a year it has been! As the year winds down, we wanted to revisit a few notable news items that helped shape and drive the conversation. Check out our Top Picks below. 1. Drug Goes From $13.50 a Tablet to $750 Overnight After acquiring Daraprim, a […]
Pfizer’s multistep pricing process shows drugmakers don’t just pick a lofty figure out of the air. At the same time, its process yielded a price that bore little relation to the drug industry’s oft-cited justification for its prices, the cost of research and development. Instead, the price that emerged was largely based on a complex analysis of the need for a new drug with this one’s particular set of benefits and risks, potential competing drugs, the sentiments of cancer doctors and a shrewd assessment of how health plans were likely to treat the product.
“For a breakthrough medication to be effective, it needs to be affordable, yet drug makers fail time and time again to abide by this fundamental principle. The Campaign commends the Senate Special Committee on Aging for challenging the pharmaceutical industry on the irresponsible pricing strategies that deliberately deny patients and consumers access to affordable treatments.”
Candidates on both sides of the aisle are talking about the harmful impact price tags have on Americans and the facts have been proven time after time: prescription drugs prices are simply out of control.
“This latest analysis from the Kaiser Family Foundation paints a troubling picture for the future of the Medicare Part D program and beneficiaries who rely on access to affordable treatments.”
“This rapid increase, which was the highest rate since 2002, was in part due to the introduction of new drug treatments for hepatitis C, as well as of those used to treat cancer and multiple sclerosis,” the administration said. The new treatments for hepatitis C, which are highly effective, accounted for $11.3 billion in new spending.
“As we all focus on how to ensure patients get the medications they need at an affordable price, we commend Senators Wyden and Grassley for undertaking this important investigation and for raising awareness around this rapidly growing issue for both sides of the aisle.”
“While the adjusted price of Daraprim is an improvement from its original price tag, it is clear that this critical treatment is still priced far out of reach for many Americans. This same medication can be purchased overseas for $.66 a pill — a fraction of what it costs in the U.S. — which makes us question how the pharmaceutical industry can justify their outrageous and harmful pricing strategies.”
PhRMA often uses “retail prescription medicines” and “prescription medicines” interchangeably in discussing the total cost of drugs to the U.S. health care system. PhRMA also makes sure to note regularly that drug spending accounts for “only 10 percent” of all healthcare spending.
“With presidential candidates on both sides of the aisle actively talking about unsustainable prescription drug pricing, the issue is clearly bigger than politics — it’s about protecting American families and ensuring they can access the critical treatments they need at prices they can afford.”