New Analysis: “[Drug pricing] plans could be put on hold in the near-term, if…PhRMA can craft a narrative that makes lawmakers and President Trump unwilling to challenge drugmakers”
HEADLINE: “Drug Prices in US Continue to Soar; Are Profits Too High?”
HEADLINE: “Big pharma companies earn more profits than most other industries, study suggests”
Washington, DC – Today, Patients Over Pharma released the following statement after a new analysis by Height Capital Markets suggested that the pharmaceutical industry could use the coronavirus crisis as an excuse to push President Trump and Congress to halt any attempts to reduce the costs of prescription drugs. This comes on the heels of new reports from JAMA showing that the pharmaceutical industry is “significantly” more profitable than other industries and that prices for prescription drugs have increased 3.5 times faster than inflation, even accounting for discounts and rebates.
“With new reports showing pharmaceutical companies raking in massive profits while prescription drug costs for patients continue to skyrocket, policymakers should reject any attempts by Big Pharma lobbyists and their allies to use the coronavirus crisis as an excuse to block meaningful cost-reduction measures,” said Eli Zupnick, spokesman for Patients Over Pharma.
“Big Pharma lobbyists will try to tell policymakers that cutting costs will impact their ability to innovate but the recent JAMA reports are just the latest evidence that this claim is absolutely absurd.
“Instead of lavishing praise on Big Pharma, President Trump should put as much pressure as possible on them to develop coronavirus vaccines and treatments as quickly as possible and to make those treatments affordable for every American. The coronavirus crisis should be a wakeup call that we need policies that keep drug costs down and put patients first, not another excuse for Big Pharma and their lobbyists to cry poverty while cashing bigger and bigger checks.”
According to a recent report from Public Citizen, the pharmaceutical industry hasn’t made significant investments in infectious diseases, including coronaviruses, while the National Institutes of Health has invested nearly $700 million on coronavirus R&D since the SARS outbreak.