REBATE RULE A BIG PHARMA BAILOUT PAID FOR ON THE BACKS OF AMERICAN SENIORS AND TAXPAYERS

Administration Should Abandon Previously Rejected Measure That Rewards Drug Companies’ Pandemic Price Hikes and 340B Changes That Would Undermine Critical Program for Many of America’s Most Vulnerable

 

For Immediate Release

Contact: Jon Conradi

860-235-3884

[email protected]

 

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) issued a statement Friday after the President signed an executive memorandum instructing the U.S. Department of Health and Human Services (HHS) to implement several policies relating to prescription drug prices.

“After years of talking about holding Big Pharma accountable, the administration demonstrated a shocking deference to the will of the pharmaceutical industry today,” said CSRxP executive director Lauren Aronson. “The White House suggests it will only advance a most favored nation rule after allowing Big Pharma executives to propose an alternative, while moving forward with the Pharma-backed Rebate Rule and changes that would weaken the 340B program.”

“The reboot of the Rebate Rule would hand Big Pharma a massive bailout paid for on the backs of Americans seniors and taxpayers,” Aronson continued. “The administration made the right call last year to halt this policy that would increase premiums on Medicare Part D beneficiaries, cost taxpayers more than $200 billion, hand Big Pharma a more than hundred-billion-dollar bailout and do nothing to lower prescription drug prices.”

“Handing Big Pharma a massive bailout by advancing the Rebate Rule would reward the industry for its egregious price-hiking practices that have continued at pace during the pandemic,” Aronson said. “While millions of Americans have grappled with the economic impact of the pandemic, Big Pharma has continued to hike prices, increasing prices on more than 42 drugs in just the first week of July alone.”

“In addition, proposed changes to the 340B program, which provides meaningful relief for safety-net providers that serve many of the nation’s most vulnerable patients, could undermine this critical initiative,” Aronson noted. “The administration should stand up to the influence of Big Pharma by withdrawing the Rebate Rule, leaving the 340B program alone and advancing solutions to hold drug companies accountable.”

If implemented, the Rebate Rule would:

Learn more about Big Pharma’s pandemic price hikes and the Big Pharma bailout, aka Rebate Rule HERE.

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

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