- Hits: 760
Stop Big Pharma Thefts
We Americans need immediate relief from drug price gouging, aided in part by Congress's addiction to campaign finance.
Yes our own Congress has a hand in helping drug companies rip off Americans like in no other nation on earth.
We need some changes that actually put people ahead of corporate profit. I've hear all the false tales about stifling innovation etc. and it is bull-crap. in 2016 Pharmaceuticals were as profitable as big banks and earn profit margins as high as 42%. Research shows more money spent by these companies on marketing than on research.
For example Johnson & Johnson’s revenue was $71 billion of which they spend 8.2 on research and more than twice that, 17.5 billion on marketing earning $13.8 billion profits.
The fact that drug companies deliberately rip people off with huge markups is well known in the case of Martin Shkreli bought the drug Daraprim and raised it's price from $13.50 to $750 because he said he could. Then he tweeted that lawmakers were "imbeciles". Well given lawmakers have done nothing about this situation may confirm his observation.
The Hepatitis C treatment Sovalid cost $84,000 for a 12 week course in 2014. Same drug in Egypt sold for $900.
If you have a young child and are wealthy you get to pay $300,000 a year for treatment. The rest of us? If insurance does pay what does that mean to the over all cost of insurance?
I personally was prompted to write this because of the only two meds that treat BPH only Cialis had any effect. Insurance won't cover it and pharmacy wants $1,100 for a 90 day supply. The other option I tried simply does nothing. I'm not wealthy so I have no treatment.
In Europe that same 5mg prescription is $85 for the same FDA approved pill by the same company.
Obviously many people will die without certain drugs. If the GOP get's its way many more will die with the loss of health care for so many millions of less financially secure Americans. What family, absent insurance, can afford to pay more for a 12 week supply of medication than they paid for their homes? As was the norm prior to Obamacare, many lost their homes and filed bankruptcy trying to pay out-of-pocket for unaffordable treatments. Many died anyway leaving children without a parent. This does not happen to the wealthy of course, just to average citizens.
A number of things need to be done.
No tax breaks for any corporation earning such large profits. They want it, but don't need it.
No tax cuts or subsidies to any Corporation not paying income taxes. The GOP likes to complain about the corporate tax rate but the fact is according to Forbes magazine 90% of major US corporations are not paying that at all! Zero, Nada, Zilch. This is done by passing all profits to the share holders to report on individual returns at the $18% rate for investment income. Lower than you pay on your taxes for your labor.
In general, no tax cuts to any corporation without a carrot and stick approach. Cuts must be tied to a specific performance or lose and repay those cuts to the American people. If their argument is more jobs, actually require those jobs appear in a specific time frame to earn those cuts. Income taxes from new employment must exceed the cost of those cuts. If they fail they repay cuts taken.
Remove any restrictions on Medicare or Medicaid or any other agency with regard to negotiating drug prices.
Open trade with Canada, and the UK to allow Americans to purchase drugs from those nations by mail.
Make changes in patent law to prohibit sneaky back-door means to "renew" a patent for what is really tweaking the same drug unless they drastically lower the retail cost of and continue to offer the original formulation as a condition. Also in the patent process evaluate the costs of R&D vs Marketing.
Prohibit unjustified price hikes of drugs, especially life saving drugs.
All of this harm and destruction brought to the American People is currently supported by Congress who is all to willing to listen to a well paid army of industry lobby giants like PhRMA and others who's best interests are not those of your constituents, but of a wealthy group of corporations.
You don't represent any lobby. Slam the door because they are not there to help the people of this great nation, they are there to help themselves with your help.
Apply a simple test. What I'm about to vote for, will it help or hurt the average American?
For the foreseeable future at least, American won't have a health care system, only an poorly regulated insurance system. Until we can fix that, at least begin to help by fixing drug company rip-offs of the American People you represent.