While the pharma industry has developed Covid-19 vaccines in record time, a majority of Americans are fed up with the rising cost of prescription drugs and want relief.
Americans pay two to three times more on average for prescription drugs than other countries, the White House said.President Joe Biden urged Congress to pass legislation to help lower prescription drug prices on Thursday as the White House balances the interests of the industry that developed Covid-19 vaccines in record time with an American public feeling the squeeze of ever-increasing healthcare costs.
Americans pay two to three times more on average for prescription drugs than other countries, the White House said, which is similar to an estimate produced by the Rand Corporation earlier this year. One of the pillars of Biden’s policy proposal is to allow Medicare, the government healthcare program for seniors, to directly negotiate drug prices with manufacturers. Nearly nine in ten Americans favor allowing the federal government to negotiate lower prices on medications,.
Industry trade groups said the move would harm patients, especially those with rare diseases for which cures do not yet exist but are being studied. “By allowing government bureaucrats to set prices with no regard for the long term impact on patients waiting for cures, the new plan will create massive barriers to medical innovation,” Rich Masters, chief public affairs and advocacy officer of the biotech industry association BIO said in a statement.
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