SECOND OPINION: Big Pharma Continues Pointing Fingers for Excessive Drug Prices

Apparently, when it comes to out-of-control drug prices, everyone’s to blame but drug makers themselves, who are solely responsible for setting the list prices of the medications we need.

Now, Big Pharma is pointing fingers at hospitals, accusing them of price gouging patients – despite the fact that big drug makers have increased the prices of their drugs at 10 times the rate of inflation.

The notion that hospitals are responsible for rising drug prices could not be further from the truth.  Here are the facts

As The Associated Press wrote, here’s what hospitals are actually facing:

Drug shortages have been widespread for more than a decade, particularly for inexpensive generic drugs, due to manufacturers consolidating, stopping production of low-profit medicines and having to fix manufacturing problems.  Hospitals are particularly hard hit and frequently must scramble to find scarce medicines, often at huge price markups, or come up with workarounds that may not be as effective or safe for patients.”

So rather than point fingers like Big Pharma, hospitals are taking action.  Last week, several hospital systems and philanthropies announced they are joining forces to launch a nonprofit generic drug company that will increase competition, drive down costs and ultimately make affordable drugs more available.  Fortune Magazine lauded the new “superstar team” for “taking the matter into its own hands.”

CSRxP will continue to fact check Big Pharma’s false claims and move forward with patient-focused solutions to increase transparency, promote competition and ensure a drug’s price is based on how well it works for patients.

CLICK HERE to read the last installment of the Second Opinion series, focused on the important role of pharmacy benefit managers in lowering drug prices.

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