Lawmakers Should Focus Attention on Brand Name Drug Companies That Set Prices, Increase Prices and Game the System to Block Competition

Lawmakers must remember that Big Pharma is the culprit behind out-of-control prescription drug prices, and the sole entity responsible for setting and hiking prescription drug prices — and should reject Big Pharma’s multi-million-dollar blame game attempting to point the finger at others to evade accountability and keep prices high.

To lower prescription drug prices for patients and the U.S. health care system, policymakers must focus on market-based solutions to crack down on brand name drug companies’ egregious abuse of the patent system and price-gouging practices.

Get a Dose of Reality below on why Big Pharma is behind out-of-control drug prices.

Big Pharma’s Price Hikes

Almost 600 Price Hikes to Start 2023

Examples of the most egregious price hikes in January include:

And other examples of Big Pharma giants hiking prices by more than the rate of inflation this January include:

Hiking Prices on COVID-19 Treatments and Vaccines

Big Pharma is also increasingly looking to profiteer off COVID-19 treatments and vaccines as payment moves from the government to the commercial market.

1,200 Price Hikes Above the Rate of Inflation Between 2021 & 2022

Skyrocketing Launch Prices

Median Annual Launch Price in 2022: $222,003

Launch Prices Increased 20 Percent for 14 Years

Examples of Egregious 2022 Launch Prices

Gaming the System to Keep Prices High

I-MAK Call for Patent Reform to Be Top Priority in 118th Congress

Staggering Cost of Big Pharma’s Patent Thickets

A Recent Case Study in Big Pharma’s Patent Greed: Keytruda

Targeting Blockbuster Products for Patent Abuse

Lawmakers should reject Big Pharma’s blame game and focus on solutions to hold brand name drug companies accountable for the industry’s price hikes, out-of-control launch prices and patent abuse.

Read more about the cost of Big Pharma’s patent abuse that blocks competition from more affordable alternatives HERE.

Read more on why Big Pharma’s tired argument that innovation justifies their out-of-control prices doesn’t hold up to scrutiny HERE.

Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.

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