Drugs

Nov 29, 2023, 17:40

Vincent Rajkumar: Predictably Big Pharma has gone to court to fight the limited ability of Medicare to negotiate prices

Vincent Rajkumar, Editor-in-Chief of the Blood Cancer Journal, shared on X/Twitter:

“Predictably Big Pharma has gone to court to fight the limited ability of Medicare to negotiate prices.

If you are worried about prescription drug prices, Medicare negotiation is the No.1 most important step that needs to happen.

Medicare negotiation as authorized under the Inflation Reduction Act is for a limited number of drugs and occurs only after a drug has been in the market for several years. It’s a baby step.

In other developed countries, negotiation starts at launch and for all new drugs.

When governments grant a new drug market exclusivity for several years, and also has the responsibility to buy and provide the drug for citizens who need it, they must be able to negotiate price.

Otherwise in a monopoly a seller can set whatever price they want, without ceiling.

Remember when Medicare pays whatever price the company wants, they are spending your tax dollars. It’s your money.

You wouldn’t want your money to be spent this way – paying for a new drug whatever price a manufacturer wants with no say no matter how high they set the price.

Which every other developed country recognizes. And have instituted policies that prevent paying unreasonable prices.

They negotiate. To ensure taxes paid by tax payers are not given away.

Of course those who stand to lose profits will protest. You have to look at who has what to gain when you hear arguments that negotiation is unconstitutional or negotiation will slow drug development.

Then decide.

Medicare Negotiation is one of many steps needed to control prescription drug prices in America. It’s the No.1 most important step. It’s supported by >80% of the population.”

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Source: Vincent Rajkumar/Twitter