According to a recent analysis of the company’s financial filings by Public Citizen, the United States ranks every other country in the world among the 20 best-selling pharmaceutical drugs combined.
Americans spent a total of $101.1 billion, while the rest of the world spent $56.8 billion on the top 20 drugs. Key findings from the analysis report (PDF) indicate that American consumers pay more for drugs, and do not necessarily consume more, than people in other countries.
The 20 best-selling drugs generated $157.8 billion in total global revenue for pharma companies, with the US accounting for 64 percent of the revenue pie. The huge disparity makes the US market essentially a cash cow for Big Pharma, which is fighting efforts to reduce spending.
“Deceptive TV ads paid for by Big Pharma seek to intimidate and mislead Americans about new legislative efforts that will empower Medicare to negotiate drug prices,” the report said.
Medicare is currently restricted from setting prices on drugs. If Medicare is empowered to negotiate with drug manufacturers, Americans could see a significant reduction in medicinal costs. “Billions in cost-savings could be used to improve and expand Medicare, including increasing access to treatment as well as dental, hearing and visual care.”
According to the report’s key findings, “11 of the 13 drug companies selling these top drugs made more money from these drugs in the United States than they did in the rest of the world combined.”
Back in 2019, the House of Representatives passed HR3, a bill that allows the Secretary of Health and Human Services (HHS) to negotiate prices with pharma companies in the Medicare program. This applies to 250 prescription drugs each year, including 125 expensive drugs offered or sold commercially under Medicare Part D.
Under HR3, prices will be compared and prices will be compared in the UK, Canada, Australia, Germany, France and Japan. Prices will be made available to insurers and organizers who sponsor Medicare Part D, and they will be able to enter into further negotiations for a greater discount. If the manufacturer refuses to enter into negotiations, the company could be charged an excise duty of up to 95 percent of the drug’s sales.
According to one report, “negotiations that use upper limits based on international prices, such as those proposed in HR3, Medicare Part D and the commercial market, seek to reduce costs for patients through lower beneficiary premiums and cost-sharing.” have hope.” in the Commonwealth Fund.
Some of the drugs with the biggest sales disparities include Gilead Sciences’ HIV drug, Biktarvi, and Humira, an autoimmune disease drug from AbbVie, whose US sales revenues were five times and four times higher than the rest of the world, respectively.
This News Originally From – The Epoch Times