American drug manufacturers charge more for their products than any other country.
John,
American drug manufacturers charge more for their products than any other country. Despite taxpayer money being used to fund research and development of lifesaving medication, over 9 million Americans tried to save money by skipping doses in 2021. Big Pharma’s price gouging and lobbying efforts raked in $38.7 billion in profits the following year.
Prescription medication isn’t effective if people can’t afford it. That’s why we need to do all we can to keep its costs in check.
The Biden Administration has done a lot to bring the cost of prescription drugs down, including capping the price of insulin and authorizing Medicare to negotiate lower prices. Now it has introduced a set of guidelines based on existing law that would allow the federal government to exercise “march-in rights” to lower drug costs. If a pharmaceutical company charges prices deemed too high for consumers, its manufacturing license can be transferred to another company that will provide it for less.
The Department of Commerce is holding an official comment period right now on these new guidelines, and they need to hear our support.
