Lowering Medication Costs In America
Just read an article on the Internet that the Biden Administration is going to enact a rarely used law called march-in-rights to seize patents of costly medications that were funded by the government. The administration is considering that avenue because it is trying to lower medication costs in America. Through this law, the government has the authority to break patients on expensive drugs developed with public funds.
This is a shift by the Biden Administration to lower drug costs in America. However, this blogger believes they are going about it in the wrong way.
Wouldn’t it be simpler to have Congress pass a law stating that Big Pharma cannot sell drugs in the US for more than the average price they get elsewhere in the world? Simple, effective, and too easy for any government organization to grasp.
Along those lines, the new law could also state penalties for non-compliance by Big Pharma. That would put teeth in the bill and deliver a message to Big Pharma that the government means business. Of course, getting a bill like this through Congress is a challenge since most members of both houses are helped financially in their campaigns for Congress. In other words, Big Pharma owns them.
This is where we need the American people to stand up and say enough is enough, lower drug prices is important to everyone including seniors. Many of them must eat less to pay their drug costs.
Another aspect of Big Pharma that this blogger detests is when I turned 65 and went onto Medicare, I was on a drug called Embrel which costs $1800 per month. Before going onto Medicare, I had a coupon that allowed me to pay $10 per month for Embrel. Once I went onto Medicare, I was told I could no longer get that coupon because it was against the law for those on Medicare to use those coupons. Agreed, that was several years ago but it struck me that as a senior, I couldn’t take advantage of the significant discount for the medication, but I could before I turned 65. That happens to be the truth but instead of fighting Big Pharma, I chose a different medication. Truthfully, Embrel worked the best of all the different medications, but that avenue was closed to me and many other seniors.
Would like to see Congress stand up to Big Pharma without this little-known or used law the Biden Administration is planning on using to lower drug costs. Pass legislation that lowers the cost of all medications, not just the ones funded by government money. After all, we don’t know which drugs were funded by the government, and for all we know they are little-known or used medications. Why do this at all if many of the very expensive drugs are excluded from the list?
If memory serves me correctly, didn’t the Biden Administration have a bill passed that reduces 10 drugs by 2025? Most of the drugs picked are expensive but why in two years and why only 10 drugs? Many of the expensive drugs were not included which again reinforced the why only 10 drugs. Big Pharma still makes money on all their drugs, and they get to write off all the research and development costs against income thus paying little or no federal income taxes.
We need to help all Americans and it needs to be a grassroots effort. Everyone reading this blog needs to tell others in their social circle, so more Americans are aware of what is happening.
Perhaps together we can force the changes needed to lower medication costs and get rid of these laws that look good on paper that something is being done but that never happens because these laws are nothing but window-dressing.
I hope this information is useful and if anyone has questions, please contact me via phone or email and I will respond quickly.
Also, if you need Medicare information, take a look at Medicare 2023 Information.
The Barend Agency Inc.
Len Barend, Broker
Cell:702-250-2200
Email: len@insurance4unevada.com