Leaders of seven top drug companies told lawmakers this week that Americans should be grateful for their work, even if patients pay “some of the highest prices in the world.' Via columnist Davidlaz
Leaders of seven top drug companies told lawmakers this week that Americans should be grateful for their work, even if patients pay “some of the highest prices in the world."
But the bottom line is that drug makers typically set list prices for their products that far surpass research and development costs, and that represent first and foremost a desire to bleed as much money as possible from people coping with life-threatening or chronic illnesses. They’ve also insisted that patients seldom face the full list price for drugs, paying instead lower prices negotiated by benefit managers and insurers, or prices subsidized by the industry’s own discount programs.
The leaders of Sanofi and Bristol-Myers were joined by their counterparts from Johnson & Johnson, Merck, Pfizer, AbbVie, and AstraZeneca. There’s a reason many lawmakers pull their punches with these guys. Since 2016, the drug industry has made more than $100 million in political contributions to both parties, with Republicans enjoying a slight lead over Democrats, according to theThe industry also spent more than $280 million on lobbying last year. And guess what? Some of the top recipients of pharmaceutical cash sit on the Senate Finance Committee.
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