Op Ed: Both sides of the aisle can agree, pharmaceutical companies to blame
Rep. Wayne Sasser
Represented North Carolina’s 67th State House district for three terms
Retired Pharmacist
I have served the last six years in the North Carolina General Assembly and spent my career running an Independent Pharmacy in Stanly County. From basic prescriptions to life-saving cancer drugs, year-after-year Big Pharma raises prices on medications that people need – and at times, by more than 5,000 percent.
In the last few years, Big Pharma hiked the price of nearly 250 prescription drugs without clinical justification. At a time when more than half of adults are worried about being able to afford prescription drugs, Big Pharma needs to be held accountable for boosting their profits at the expense of American consumers.
All indicators point to Big Pharma as the true bad actor in the healthcare industry. Despite having the power to set the list price for all of their medications, pharmaceutical companies are driven by profit and focused on keeping prices high for consumers – especially in the United States.
In fact, the RAND Institute found that Big Pharma charges Americans up to 3 times more for everyday prescriptions compared to the rest of the world.
Take the rise of GLP-1 medications for example. These drugs are used for weight loss and diabetes management throughout the world. However, only Americans are charged upwards of $1,000 per month.
Furthermore, a study from researchers at Yale University found that these drugs cost less than $5 per month to manufacture – generating a massive profit for Big Pharma while hard working North Carolinians struggle to be able to afford their prescription.
Prescription drug prices have really gotten out of hand and it's time for something to be done about it.
Pharmaceutical companies aren’t just boosting prices for life-saving medications, they’re also actively working to protect their interests by cozying up to policymakers and preventing fair competition in the marketplace.
Big Pharma spends millions on federal lobbying, arguing against consumer-friendly legislation that would lower the cost of prescription drugs for Americans.
At the same time, the revolving door between pharmaceutical companies and the federal agencies that govern them means Big Pharma often goes unchecked, and that government officials often land high-paying jobs among the ranks of the same pharmaceutical companies they once regulated.
Though Big Pharma companies rake in billions of dollars each year, they’re not reinvesting their revenue in ways that protect the health of Americans.
Oftentimes, these companies are spending upwards of $36 billion more on advertising and marketing than research and development.
Even without contributing meaningfully to the healthcare landscape, Big Pharma companies continue to receive unwarranted tax breaks – paying just 10% in taxes in 2022 – while everyday people continue to struggle to afford everyday essentials.
There are folks in my community who work two jobs and can hardly afford to buy groceries and now they are getting hung out to dry by big pharma.
Americans from both sides of the aisle agree that pharmaceutical companies are to blame for rising drug prices.
Without meaningful reforms, healthcare costs will continue to rise, leaving Americans with few choices when it comes to affording life saving medications.
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