Drug prices in the United States are out of control and sharply rising prescription drug prices threaten the affordability of our entire health care system, the long-term health of our nation and the vitality of our entire economy. CSRxP has developed market-based reforms that restore a functioning market by increasing transparency, promoting competition and innovation, and focusing on better value for patients, not better value for pharmaceutical companies.
Transparency: Patients deserve open and honest drug pricing – clear information about the true costs of treatment, how the price of medication is set, and how much it actually costs to bring new drugs to market so they can make more informed decisions about their medications, particularly those with high price tags.
Accountability: When Big Pharma is able to prevent competition and maintain a monopoly on medicines, they can set any price they want. It’s time for Congress to step in and hold Big Pharma accountable for out-of-control drug prices, unchecked price gouging, and rampant patent abuse.
Competition: Big Pharma’s ability to raise the price of a drug overnight or allow the prices of old drugs rise to shadow the prices of comparable new drugs, means we are not operating in a healthy, functioning market. The market can work, but right now it is broken. Bringing competition into the prescription drug market will give consumers more choices and more control – resulting in lower prices and greater access.
Value: Patients deserve reliable information regarding whether a drug’s “therapeutic outcome” – or its health benefit – is in line with its price. That information will be critical to moving America’s prescription drug market toward a system that empowers doctors and patients to choose medications based on the value they provide – not a “value” set by drug manufacturers.
Big Pharma’s Patent Abuse: Of the 100 best selling drugs, nearly 80 percent have extended their patents at least once, and 50 percent have extended their patents multiple times to block generic competition and maintain their stranglehold on critical medications. Read more.
Improving Drug Pricing Transparency: Read our testimony submitted for the record for the U.S. House Committee on Energy and Commerce Subcommittee on Health’s hearing on Improving Drug Pricing Transparency and Lowering Prices for American Consumers here.