|WASHINGTON, D.C. — Patients For Affordable Drugs (P4AD) released a new video today debunking Big Pharma’s myth that any limits on its unilateral power to dictate prices on brand-name drugs will kill innovation and new drug development. The video summarizes P4AD’s report Big Pharma’s Big Lie: The Truth About Innovation and Drug Prices, which details five key reasons why Big Pharma’s innovation argument is not true.
In the new two-minute video, David Mitchell, a cancer patient and the founder of Patients For Affordable Drugs, walks through the threats drug corporations perpetuate to scare patients and mislead lawmakers. For example, according to the Congressional Budget Office, we can reduce pharmaceutical industry revenue by up to $1 trillion over the next decade and lose only eight of 300 expected new drugs — only one or two of which are likely to represent true therapeutic advancements, studies show.
“When you pull back the curtain on pharma’s fear-mongering, its claims that any constraints on its unilateral pricing power will destroy innovation just don’t hold up,” said Sheila McLean, executive director of Patients For Affordable Drugs. “The truth is Americans are paying almost four times what people pay for brand drugs in other countries; clearly, there is plenty of room to lower drug prices and preserve innovation.”