Second Opinion: No, Big Pharma Is Not Changing

Right on cue, dozens of pharmaceutical companies rang in the new year by increasing hundreds of drug prices by up to 15 times the rate of inflation – despite the fact that their profits continue to far exceed spending on research and development.  In just one week:

At a time when one in four Americans can’t afford their medications, these price hikes are staggering.  Still, analysts naively suggested that because these price increases were slightly lower than past years that the industry was “self-policing” and showing “great restraint” in the face of mounting public scrutiny.  Research, however, shows year-over-year increases are a significant driver of high prescription drug costs.

The truth is, Big Pharma continues to put profits over people. Bloombergrecently reported that the pharmaceutical industry was advised “to ride out the political blowback from raising prices if it helps them meet their financial goals.”  Here’s how other observers put it:

Big Pharma has made clear time and time again that they cannot be trusted to look beyond their own bottom line.  It’s time for Congress to hold these companies accountable.

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