Prescription drug expenditures make up nearly 20 percent of all health care costs
Prescription spending is growing faster than any other part of the health care dollar
One-in-four Americans cannot afford their medication
Nine out of ten of the biggest drug makers spent 50% more on advertising their products than researching and developing new ones
Of the 100 best selling drugs, almost 80 percent have extended their patent protection to block generic competition at least once
Of the 100 best selling drugs, nearly 50 percent have extended their patents multiple times
Drug prices are out-of-control. While Big Pharma is posting record profits, too many hardworking Americans are having to choose between paying their bills and accessing life-saving medicines. Enough is enough. Yes, pharmaceutical companies make life-saving treatments and breakthrough cures. But it does not give them the right to price gouge sick Americans by drastically increasing prices and blocking affordable generic competition.
It’s simple: no patient should ever have to choose between paying for their daily needs or taking the medicine they need to live.
When Big Pharma is able to prevent competition and maintain a monopoly on medicines, they can set any price they want. That’s how they’ve been able to raise the price of insulin by more than 200 percent over the past decade and prevent any generic competition for more than 90 years. The simple truth is patients end up paying more – regardless of what kind of insurance coverage they have. That’s called price gouging.
It’s time to take politics out of health care and work together to ensure every American has access to high-quality, affordable treatments and cures. Every person deserves access to the medications they need at a price they can afford, especially those who can least afford them.
We should not have to choose between innovation and affordability. With bipartisan, market-based solutions and genuine collaboration, we can have both.