Growing Debate Over Drug Prices Prompts Pharma Industry To Target Vulnerable Lawmakers With Donations

in palnet •  last year 

Just this year, drug prices in the United States have increased more than 5x inflation, over 3,000 drugs have increased their prices in the first half of this year alone.

This rate of increase compared to the year prior is about a 17 percent hike.

The average price increase that those drugs have been implementing is around 10 percent on average which has left many struggling to afford their medications.

It's also fueled an ongoing debate with lawmakers as well, they've had pharmaceutical executives testify before the Senate about drug pricing schemes. Now, there are various legislative efforts that have been introduced which are seeking to try and solve the problem, which include capping drug prices under Medicare, in an effort to prevent the price from outpacing inflation.

4 out of 5 Americans feel that prescription drug costs are unreasonable.

With elections around the corner, the pharma industry is now working to allegedly target vulnerable lawmakers with cash donations. They've given 30 senators almost $1 million so far, with most of the big donations going toward republicans.

The problem of drug prices is an issue that's drawing support from both sides of the aisle, with lawmakers looking to implement a variety of potential initiatives to address the problem.

Why Are Prices So High?

According to one previous study on drug prices in the country, that was conducted by Harvard Medical School researchers, they discovered that government intervention helps fuel this problem, rather than protect the public from this issue.

"The most important factor that allows manufacturers to set high drug prices is market exclusivity, protected by monopoly rights awarded upon Food and Drug Administration approval and by patents. The availability of generic drugs after this exclusivity period is the main means of reducing prices in the United States, but access to them may be delayed by numerous business and legal strategies."

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Broad Support For Government Action On Drug Prices Regardless Of Party Identification

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This surprises no one and is also the reason why I don't think the government is the answer to almost any problem. Why bother competing and appealing to customers on your own when you can just buy the lawmakers?

This is a huge issue we need to confront soon.

Hello
High drug prices are noticed by all people.
It’s bad that they are so expensive.