House Committee Looks At Impact of Rising Drug Prices on Patients
This morning, the House Committee on Oversight and Reform held a hearing on the impact of skyrocketing prescription drug prices on patients. Several witnesses testified about how they were personally harmed by rising costs. In some cases they had to ration their medicine, go deep into debt, or refinance their homes. Rising drug prices are harming Americans and putting massive strain on our health care system. A recent study found that the cost of brand-name oral prescription
How Patent Abuse Blocks Access to Biosimilars
Prescription drug costs are continuing to rise, but biosimilar medicines offer great promise for patients who need more affordable medicines. Biosimilars are lower-priced versions of brand medicines used to treat long-lasting and life-threatening diseases. Unfortunately, many brand drug companies are abusing the patent system to extend their monopolies on drugs, prevent biosimilars from coming to market, and keep prices high. A biosimilar is basically a generic version of a b
The Merger of AbbVie and Allergan Is A Bad Idea for Consumers
Just last month, the drug company AbbVie announced that it was going to acquire Allergan, the drug company that makes Botox, for $63 billion in one of the largest mergers in the healthcare industry. This megamerger is a bad idea for consumers, competition, and affordable prescription drugs. The Federal Trade Commission should take a careful look at this transaction, and block the merger if it harms consumers. The New York Times reported that "consolidation has been transformi
Judge Leon Hears Oral Arguments on CVS-Aetna Merger
On Friday, July 19th, Judge Richard Leon of the District Court for the District of Columbia heard oral arguments from supporters and critics of the CVS-Aetna merger. The $69 billion merger of the pharmacy and pharmacy benefit manager (PBM) CVS and the health insurance company Aetna would create a gigantic entity that would harm competition and consumers. After listening to the arguments, Leon thanked the lawyers for their work and stated he would make a decision in the not-to
All Eyes Are on Congress for Lowering Drug Costs
The Trump administration's efforts to lower prescription drug prices are in trouble. Just last week, the administration abruptly withdrew its proposed rule to eliminate the safe harbor for most PBM rebates. And a judge ruled against the administration's requiring drug companies to display drug list prices in their TV ads. Now the best chance of reducing drug costs is for the Senate to pass a bipartisan package of bills, and all eyes are on them. Last month the Senate Health,
Connecticut Governor Signs Law Regulating PBMs
In a victory for consumers, pharmacists, and advocates for lower drug costs, Connecticut Governor Ned Lamont signed into a law a bill that would better regulate pharmacy benefit managers (PBMs) and combat their misbehavior. HB 7363 was approved by both the House and Senate, and signed into law on July 12th. It puts major restrictions on PBM clawbacks, or the results of an insurance company assigning expensive copays to a drug leading to a significantly higher price than the v
Trump Administration Abandons Proposed Rebate Rule To Lower Drug Prices
This morning the Trump administration abandoned its proposed rebate rule to eliminate safe harbor protection for most Medicare rebates acquired by pharmacy benefit managers (PBMs) and to require that those rebates be passed on to consumers, lowering prescription drug costs. This abrupt change is very disappointing for consumer groups, advocates of transparency and accountability in the drug supply chain, and anyone who wants reduced drug prices. In a discussion with Axios, Wh
The Cornyn-Blumenthal Bill is An Important First Step Toward Stopping Patent Thickets and Product Ho
Prescription drug prices are far too high, and many Americans are being forced to choose between paying for their medicines and other basic necessities such as rent and housing. One of the main causes of high prices are the anticompetitive actions taken by drug companies to stifle other drugs. Two of these practices are product hopping, when drug companies make small changes to new versions of a drug so cheaper generic drugs can’t be substituted for it, and patent thicketing
Several Proposals to Reduce Drug Prices in Congress
The 4th of July is over and Congress is back in session. One of the most important issues for policymakers, health care experts, and ordinary Americans is the rising cost of prescription drugs. The New York Times editorial board just said that "nothing typifies the failures of health care in the United States like prescription drugs. Americans pay more for their medications — including those developed in America, with taxpayer dollars — than residents of any other country in
This Year, Drug Prices Are Rising Rapidly
In the first six months of 2019, prescription drug costs are rising rapidly, despite promises from legislators and the Trump administration to reduce prices, and underscoring how important it is to take action so consumers can access their medicines. This year over 3,400 drugs have seen their prices increase, which is 17% more than the 2,900 drug price increases at this point last year. And the average increase is 10.5%, or five times the rate of inflation. For some medicines
