Opinion: Biden is hesitating at curbing the excessive rise in prescription drug prices
CNNJul 21, 2021
According to a report published by Reuters on Friday, large US drugmakers, including Pfizer, are reportedly planning to ring in the New Year with price hikes for more than 500 branded drugs.
Citing data and analysis from healthcare research firm 3 Axis Advisors, the report has predicted that over 140 brands of drugs, excluding doses and formulations, will have their prices increased in January.
The federal government's failed drug pricing reforms have neither quelled rising outrage over astronomical drug prices nor changed anything for the more than 200M Americans who are not on Medicare. It's evident that Pres. Biden has embraced drug manufacturers' exorbitant pricing as a primary business strategy, and he is simply not interested in reining in pharmaceutical monopolies.
Pres. Biden's 2022 climate and health law, also called the Inflation Reduction Act, pressures pharmaceutical companies to limit drug prices in several ways as well as penalizes pharmaceutical companies if they raise prices faster than inflation. While the GOP may fight tooth and nail to repeal the Act and put billions back in the pockets of Big Pharma, the Biden administration will continue to fight to lower costs for hardworking Americans.
It's incomprehensible that the federal government is letting the prices of essential medicines rise for too long. While inflation could be a convenient reason for the Biden administration to concede hefty price increases for drugs, it may be time to question: who is responsible for reining in inflation? If drugmakers are allowed an inflation-adjusted price, Americans will continue to pay more for prescription medications than any advanced nation on Earth.
There's a 50% chance that at least 15.6% of the US federal budget will be used for Medicare in 2024, according to the Metaculus prediction community.