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Insider's Report: Will the new Congress hold Big Pharma accountable?
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Today, nearly one-third of Americans can’t afford to take their medications as prescribed.
Some cope by cutting their pills in half to make the prescription last longer. Others risk withholding payment on their mortgage, car or utility bills to pay for the medicine they need. And the coronavirus pandemic has made this situation far worse!
Big drug companies aren’t about to give older Americans, many of whom live on fixed incomes, a break. Just the opposite. In fact, we’ve just learned big drugmakers have raised the U.S. list prices on more than 500 drugs in 2021!
And it goes to show that big pharmaceutical corporations — NOT older Americans — are the biggest Medicare “beneficiaries.” That’s why wealthy corporate interests and their well-paid army of lobbyists are already putting massive pressure on the new Congress and Biden Administration to protect their massive profits.
From 2006 to 2015, the 25 largest drug makers reported profits that were three to five times higher than profits of the top 500 companies outside the pharmaceutical industry.
Not only are the 10 largest pharmaceutical companies enjoying obscene profits, they’re spending more than twice as much on advertising, overhead and profit-taking than they spend on medical research and development.
That’s why the National Committee is launching a full-scale campaign in the new Congress for passing the “Lower Drug Costs Now Act” which would, among other important measures, help leverage the purchasing power of 43 million seniors and people with disabilities enrolled in Medicare Part D to empower Medicare to negotiate drug prices directly with pharmaceutical companies.
Without the Lower Drug Costs Now Act, our prescription drug prices will remain higher than what citizens of any other developed nation pay. That’s why we urge you to support the National Committee’s critical fight in Washington to put pressure on our elected officials to stand up to the powerful pharmaceutical corporations and ensure that every American can afford the prescription drugs he or she needs.
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| Good Bills |
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As a reminder, the National Committee endorses the “Lower Drug Costs Now Act” (H.R. 3) which we expect will soon be reintroduced in the 117th Congress (2021-2022). This landmark piece of legislation would significantly reduce drug costs for seniors and the federal government while reinvesting those savings into needed Medicare benefit improvements.
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| Ask Web |
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Our resident Social Security expert, Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — is here to answer your questions about Social Security.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
This week's question is: I am 65 and started drawing Social Security; my wife is drawing too. My question is: what are the rules for drawing money out of my IRA? I want to take out around $6,000 to pay credit cards off. How will this affect me? Will I lose my monthly benefits? How about paying taxes on $6,000?
Click here to read the answer.
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| Poll Results! |
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In the last issue of Benefits Watch we asked our readers the following question:
Will you get the COVID-19 vaccine when it’s made available to you?
The results from our recent poll are fascinating, but they’re only available to National Committee members! Join the National Committee today and we'll immediately give you the results of this important poll.
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Social Security Primer
Learn more about why Social Security remains the foundation for most seniors’ retirement. |
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Join Now
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Coronavirus
Find valuable information, essential tips and warnings about COVID-19-related scams. |
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| Pandemic, Democratic Wins Leave Drug Industry at Crossroads |
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In 2020, the pharmaceutical industry raced to develop shots against a deadly new virus sweeping the globe -- and succeeded, in record time. They did it while navigating the pandemic themselves, managing operations and supply chains amid profound disruption. (January 11, 2021, Bloomberg, Emma Court)
Read More →
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| $2,000 Stimulus Checks Would 'Significantly' Help 60% With Lowest Income: Report |
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The bottom 60 percent of earners in America will see a "significant impact" if $2,000 COVID-19 relief checks are issued, according to a recent report. A $2,000 payment would give a 60 percent majority of Americans, those with annual incomes under $65,000, an average income boost of 11 percent, according to a report released last week by the Institute on Taxation and Economic Policy. (January 12, 2021, Newsweek, Aila Slisco)
Read More →
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| Congress Moves To Fix Medicare Enrollment, But Misses The Biggest Problem |
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In its massive end-of-year spending bill, Congress slipped in some important changes that may improve Medicare coverage for hundreds of thousands of older adults who don’t enroll when they first are eligible. Unfortunately, lawmakers only did half the job. The changes will help, but Congress chose to ignore the real cause of the problem. (January 7, 2021, Forbes, Howard Gleckman)
Read More →
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