Lawmakers Must Advance Solutions to Lower Drug Prices
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) issued a statement Tuesday on the release of drug pricing principles from U.S. Senate Committee on Finance Chairman Ron Wyden (D-OR).
“CSRxP commends Chairman Wyden for his leadership and dedication to addressing out-of-control prescription drug prices,” said CSRxP executive director Lauren Aronson. “The momentum for Congress to hold Big Pharma accountable and deliver relief for millions of Americans struggling to afford their medications has never been greater.”
“Policymakers have repeatedly pledged to lower drug prices and must deliver on that promise by advancing the solutions outlined by Chairman Wyden that have garnered significant support,” Aronson continued. “These solutions would reform the Medicare Part D program to disincentivize rampant price hikes, cap out-of-pocket costs for America’s seniors, crack down on Big Pharma’s price increases that outpace the rate of inflation and support greater generic and biosimilar competition.”
Big Pharma’s egregious pricing practices have caused one in four Americans to experience financial hardship affording necessary medications. The industry also continued to engage in egregious pricing practices while millions of Americans grappled with the economic impact and health care uncertainty of the COVID-19 pandemic. Drug companies hiked prices on more than 800 brand name drugs in January 2021 and more than 65 brand name drugs in July 2020.
Out-of-control launch prices set by Big Pharma companies on new products are also dramatically increasing costs for American patients and taxpayers. For example, following the U.S. Food and Drug Administration (FDA) approval of controversial and unproven Alzheimer’s treatment aducanumab, brand name Aduhelm, its manufacturer set a massive launch price of $56,000 for annual treatment on the drug. The New York Times reported Tuesday that taxpayer costs to cover Aduhelm, which may offer patients little to no clinical benefit, could exceed the total annual budgets of the U.S. Environmental Protection Agency (EPA) and the National Aeronautics and Space Administration (NASA).
Read more on Big Pharma’s pandemic price hikes and “turbocharged” profits HERE.
Read more on the FDA approval of aducanumab and Biogen’s subsequent pricing HERE and HERE.
Read more on why Big Pharma’s rhetoric opposing solutions to lower drug prices doesn’t hold up to scrutiny HERE.
Learn more about market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.
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