WASHINGTON, DC – In advance of today’s Senate HELP Committee hearing on drug prices, Patients For Affordable Drugs Executive Director, Ben Wakana issued the following statement:
“Talk is cheap. Two of the worst abusers of America’s drug pricing system are witnesses at today’s hearing. We’ll inevitably hear a lot of blame shifting and dodging from PhRMA and the drug middleman. They’ll claim they want lower drug prices, but drug prices never come down. It’s time for action. Congress should pass the bipartisan CREATES Act, and it should curb the monopoly pricing power of drug corporations. Until then, patients will keep suffering under crippling drug prices.
“We applaud Chairman Alexander and Ranking Member Murray for holding this important bipartisan hearing because high drug prices know no political party. We look forward to their continued focus on America’s top health priority.”
Blaming others for high drug prices is nothing new to PhRMA executives and Pharmacy Benefit Managers. But prescription drug prices are one of the fastest growing pieces of overall health spending in the U.S., accounting for almost one out of every five dollars. And drug corporations and pharmacy benefit managers are key culprits.
Lori M Reilly, PhRMA: “When competition happens, prices fall. When generic entry happens, typically, 10 to 12 years after a product hits the market, 80% of costs drop for that product.” [Forbes, 10/18/16]
Mark Merritt, Pharmaceutical Care Management Association: “It would be better for everyone if drug companies just offered lower prices.” [Dayton Daily News, 1/29/17]
Patients For Affordable Drugs has collected over 8,500 stories from patients in every state who struggle to pay for food, rent, and basic necessities because drugs are so expensive. Patients For Affordable Drugs does not accept contributions from any organizations that profit from the development or distribution of prescription drugs.