“We would like to see a balanced drug pricing bill emerge from the Congress this year,” Stephen Ubl, CEO of the Pharmaceutical Research and Manufacturers of America, told AP in a recent interview. He later added that “our industry understands that there is going to be some pain involved in the process.”
Why is the drug industry willing to put up with the so called pain of a cap on Medicare drug costs?
Because by capping the price of drugs for those using Medicare D they are hoping to block controls on drug costs, allowing them a free hand in charging Medicare and everyone else whatever they want.
They are hoping we will stop complaining instead of demanding action.
Medicare spends upward of $200 billion a year on prescription drugs, a category that keeps growing as costly new drugs enter the market. An Alzheimer’s medication approved this past week comes with a price of $56,000 a year, for example, and co-payments could skyrocket for patients who use it.
Some Democrats in Congress want Medicare to have the power to negotiate drug prices.
Bernie Sanders goes further. Sanders wants to negotiate drug prices and use Medicare’s savings to create new benefits for dental, vision and hearing coverage. That would represent an historic expansion of Medicare.
I am so with Bernie on this.