Fox News articles can now be listened to for a more convenient experience. Our American healthcare system is facing significant challenges. Despite spending twice the amount per capita on healthcare compared to other nations, approximately 85 million Americans are either uninsured or underinsured. On top of that, more than 500,000 households go bankrupt annually due to medical bills. Additionally, we are experiencing a shortage of doctors, nurses, dentists, and mental health practitioners, despite insurance companies making substantial profits. Even with insurance, it is increasingly difficult for patients to schedule timely visits with their doctors.
One of the main reasons for the broken and expensive state of our healthcare system is the exorbitant cost of prescription drugs. Compared to other countries, the United States pays the highest prices for prescription drugs. For instance, Novo Nordisk charges Americans $12,000 for Ozempic, a drug that can be purchased in Canada for just $2,000. Eli Lilly charges nearly $200,000 for Cyramza to treat stomach cancer, while the same drug can be purchased in Germany for $54,000. Sanofi charges Americans over $200,000 for Caprelsa to treat thyroid cancer, whereas it costs just $30,000 in France. Gilead charges non-Hodgkin’s lymphoma patients $424,000 for Yescarta, a therapy available in Japan for only $212,000. Shockingly, over half of the new drugs entering the market cost more than $220,000, while some even surpass $1 million. Despite U.S. taxpayers funding 85% of foundational cancer research, the median cost of new cancer drugs has increased by over 300% in the past decade.
To give some examples, Hemgenix, a gene therapy for a rare blood disease, was approved last year with a staggering price tag of $3.5 million, making it the most expensive drug in history. Luxturna, a therapy for retinal disease, was approved by the FDA in 2017 at a cost of $850,000. Myalept, a therapy for leptin deficiency, has been sold in the U.S. since 2014 at a price of $1.9 million. These exorbitant prices of prescription drugs lead to higher healthcare costs, inflated hospital bills, and increased insurance fees. They also burden Medicare, endangering the sustainability of the program, as it is forced to pay the excessively high prices demanded by pharmaceutical companies. Furthermore, one in four Americans cannot afford their prescribed medications, resulting in more severe health conditions and unnecessary deaths.
The reason why we continue to pay the highest prices for prescription drugs becomes clearer when we follow the money. The pharmaceutical industry wields significant political power, with over 1,800 lobbyists employed on Capitol Hill, including former leaders of both major parties. Last year alone, drug companies spent more than $375 million on lobbying efforts. Over the past 25 years, they have donated substantial sums to political campaigns, influencing almost every member of Congress. With vast financial resources, they also invest billions in advertising through various media platforms. Consequently, the pharmaceutical industry operates with minimal regulations, allowing them to set prices as they please, resulting in excessive costs for patients.
While the Inflation Reduction Act represents a small step forward, more substantial measures are necessary to address this crisis. The exorbitant prices of prescription drugs not only impact healthcare costs but also threaten the financial well-being and lives of many Americans. The Senate Health, Education, Labor, and Pensions (HELP) Committee, which I currently chair, has been actively taking steps to combat this issue. For instance, we conducted an investigation into the pharmaceutical industry’s greed and the excessive compensation packages of drug company CEOs. We also held a hearing to shed light on Moderna’s decision to quadruple the price of its COVID-19 vaccine despite receiving substantial government funding. Furthermore, we urged the Biden administration to reconsider rejecting a petition to lower the price of the prostate cancer drug Xtandi, which was developed using taxpayer money. The committee has also focused on making insulin affordable and increasing access to low-cost generic prescription drugs.
Most recently, the HELP Committee released a report highlighting that half of prescription drugs developed with the assistance of the National Institutes of Health (NIH) now cost over $111,000. This report recommends that the NIH reinstate and expand the requirement for pharmaceutical companies to set reasonable prices for drugs developed with taxpayer support. Additionally, I wrote to the secretary of Health and Human Services (HHS), urging them to ensure that taxpayers and Medicare recipients are not burdened with the high cost of the new Alzheimer’s drug Leqembi. I called on HHS to utilize its existing authority to break the patent monopoly if manufacturers refuse to lower the drug’s price. Lastly, I expressed to the Biden administration that I will not support any nominee to lead a federal health care agency until they release a comprehensive plan to significantly reduce prescription drug prices.
It is imperative that we address the exorbitant cost of prescription drugs in order to create a more accessible and affordable healthcare system for all Americans. This requires tackling the influence of the pharmaceutical industry, implementing regulations to control drug prices, and prioritizing the well-being of our citizens over corporate profits. By taking these actions, we can ensure that healthcare remains accessible and affordable, and that no person is denied life-saving medications due to financial obstacles.
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