Dear Congress & WH: Need money? Due to market failures + political influence, US spending on prescription drugs is nearing $1 trillion. How much? Cutting prices by 2/3 to international norms could generate enough saving to fix Social Security’s finances, among other things. BTW, gradually reducing prices probably won’t slow the flow of Pharma lobby $$ into campaign coffers.
Background:
The Real Reasons Drug Prices Are So High – HealthAffairs
“The inevitable pushback to this article will be that we are suggesting interfering with the market. The fact is the pharmaceutical market has already been interfered with and has been tilted towards the accumulation of private wealth over public benefit.”
Doctors’ fury after learning how much US drugs cost in other countries – Daily Mail
Prescription Drug Prices in the U.S. Are 2.78 Times Those in Other Countries – RAND
Prescription Drug Spending – GAO
25 Most Popular Medications by U.S. Spending in 2023 – AARP
Explaining the Prescription Drug Provisions in the Inflation Reduction Act – KFF
Foreplay for real savings? Or a baby step to nowhere?