Drugmakers鈥� billion-dollar lobbying campaigns to demonize negotiators in both the private sector and the government make one thing very clear: drugmakers simply want a blank check to continue overcharging Americans. These lavishly funded campaigns are intended to divert attention from drugmakers鈥� relentless abuse of the patent system to prevent competition and keep their prices as high as possible in the U.S.
Bipartisan reforms are needed to restore competition and move toward drug prices that are based on clinical value rather than drugmakers鈥� lobbying and marketing.
Drugmakers set exorbitantly high prices here in the U.S. 鈥� we work to lower them. 熊猫视频and our members will continue to prioritize affordability for American consumers and employers and sustainability for the U.S. health care system.
Here are the facts on how drugmakers are driving the high cost of prescription medications:
- has found that the median annual price among new drugs approved by the U.S. Food and Drug Administration (FDA) in 2023 reached $300,000, 35% higher than the previous year.
- A 2023 found that 鈥渁nti-competitive patent abuse tactics used by big pharmaceutical companies cost U.S. consumers an additional $40.7 billion in prescription drug expenses in one year alone.鈥�
- More than 22 cents of every dollar spent on health insurance premiums goes to pay for prescription drugs 鈥� more than any other individual category.
- In the first two weeks of 2024, drug manufacturers 鈥渞aised list prices on 775 brand-name drugs 鈥� by a median of 4.5 percent,鈥� outpacing 鈥渢he rate of inflation, which ticked up to 3.4 percent in December,鈥� according to from The Wall Street Journal and 46brooklyn Research.
- Over the 2009鈥�2018 period, the average price of a prescription for a brand-name drug more than in the Medicare Part D program and increased by 50% in Medicaid.
- A recent found the top 10 brand name drugs in terms of 鈥淯.S. net sales revenue in 2021鈥� had a total of 1,429 patents or pending patents.
- The largest drugmakers in the United States out of every dollar on R&D, and a from JAMA Network found 鈥渘o relationship鈥� between the price brand name drug makers set and the amount those companies invest in R&D.
- Nearly of voters name pharmaceutical companies as most responsible for rising prescription drug prices.