Americans pays significantly more than many other countries for same drugs
Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Sept. 29 released a new report revealing that prices for 688 prescription drugs have increased since President Trump took office — despite his repeated promises to lower drug costs “almost immediately.”
“I agree with President Trump: it is an outrage that the American people pay, by far, the highest prices in the world for prescription drugs. But unlike Trump, I believe we need more than just press releases, polite requests to drug companies and pilot projects. We need real action to take on the greed of the pharmaceutical industry and substantially reduce the cost of prescription drugs for all Americans,” Sanders said.
In July, Trump sent letters to 17 major pharmaceutical companies asking for lower prescription drug prices “within the next 60 days.” He later said he would cut prices by “1,200, 1,300 and 1,400, 1,500%.” It’s been over 60 days since those letters were sent.
The report also finds that 87 drugs increased in price after Trump sent the letters to companies including Pfizer, Merck, Sanofi and Genentech.
According to the report, the largest price increase since Trump took office was for Galzin, a treatment for Wilson’s disease, a rare genetic liver disorder. Its manufacturer, Eton Pharmaceuticals, raised the drug’s prices by 1,555% from $5,400 per year to $88,800 per year. The exact same drug costs just $1,400 in the U.K. and $2,800 in Germany.
Other examples include:
Merck, which made $17.1 billion in profits last year and paid executives $61.1 million, increased the price of the top-selling drug in the world, the cancer medication Keytruda, by $8,000, bringing the U.S. price to $206,000 per year. In Germany, it costs $81,000.
Johnson & Johnson, which made $14.5 billion in profits last year and paid executives $64.5 million, raised the price of the blood thinner Xarelto by 5%, bringing the cost to $7,200. In Canada, it costs just $750.
Vertex, which paid its executives $12.7 million last year, increased the price of Trikafta, a cystic fibrosis treatment, by nearly $24,000 to $365,000. In Canada, it’s $146,000.
In May, Sanders introduced the Prescription Drug Price Relief Act, which would ensure Americans pay no more than people in other major countries for the exact same prescription drug. Although Health and Human Services Secretary Robert F. Kennedy Jr. initially committed to working with Sanders on this legislation, the agency has stopped responding to follow up requests.
“If President Trump is serious about making real change, he will support my legislation to make sure Americans pay no more than people in other major countries for the exact same prescription drug,” Sanders continued. “Now is the time to end the greed of the pharmaceutical industry.”
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