While the pharma industry has developed Covid-19 vaccines in record time, a majority of Americans are fed up with the rising cost of prescription drugs and want relief.
Americans pay two to three times more on average for prescription drugs than other countries, the White House said.President Joe Biden urged Congress to pass legislation to help lower prescription drug prices on Thursday as the White House balances the interests of the industry that developed Covid-19 vaccines in record time with an American public feeling the squeeze of ever-increasing healthcare costs.
“Pharmaceutical companies do ground-breaking, life-saving work, but there is a difference between developing clinical breakthroughs and driving up prices for the drugs Americans rely on,” according to aAmericans pay two to three times more on average for prescription drugs than other countries, the White House said, which is similar to an estimate produced by the Rand Corporation earlier this year.
The Medicare Part D program, which covers certain prescription drugs, went into effect in 2006. It includes what’s known as athat says the Secretary of the Department of Health and Human Services “may not interfere with the negotiations between drug manufacturers and pharmacies and [prescription drug plan] sponsors.” This means the U.S.
Biden’s plan also calls for drugmakers to pay a penalty if they raise prices faster than inflation. Retail prices for brand name prescription drugs increased by an average of 2.9 percent — more than double the general inflation rate of 1.3 percent — from 2006 to 2020, according to an
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