Fair Rx Prices in the Balance Right Now
Frederick Isasi
Former Executive Director of Families USA | Passionate Advocate for Health Care that Works for all Families
Last week, I had the pleasure and privilege to join Representative Carolyn B. Maloney, Chairwoman of the House Committee on Oversight and Reform to unveil a new report, “Lost Savings: How Prohibiting Medicare Negotiation Has Cost Taxpayers” that highlights the crushing impact of the pharmaceutical industry’s abusive and predatory behavior on people’s health and financial stability. We were joined by Rep. Frank Pallone, Jr., Chair of the Committee on Energy and Commerce, and Rep. Peter Welch, member of the Committees on Oversight and Reform and Energy and Commerce. https://www.facebook.com/oversightdems/videos/committee-to-unveil-report-on-lost-medicare-savings/1317596305347849/
Using non-public drug company data, the two-and-a-half-year-long investigation by the Oversight Committee found that Big Pharma targets Medicare to hike drug prices and boost revenues. With more than $1 trillion in annual revenue worldwide, the drug industry is one of the wealthiest in the world. They spend more on lobbying than any other industry and are fighting tooth and nail to protect their own self-interest.
Pharmaceutical companies increase prices because they can and will keep raising prices until Congress steps in and stops them. Congress has the power and a short window of opportunity to intervene and finally put people before profits.
Medicare negotiation is a common sense reform that will save billions of taxpayer dollars and lower out-of-pocket costs for patients. We deserve affordable medication. Lower costs can happen in a system that incentivizes true innovation instead of rewarding executives with stock buybacks.
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I thank Representatives Maloney, Pallone, and Welch for their commitment to this fight and I am proud to continue supporting their efforts. Once and for all, I implore Congress to fight for the needs of our nation’s families by going big and bold to rein in prescription drug pricing.
Be sure to visit the Families USA website for more information about this report, as well as the other issues at stake for our nations families.
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