President Biden last night offered real hope to the millions of Americans who all too often walk away from the pharmacy counter without their medications because of what their insurance companies demand they pay out of their own pockets before their coverage kicks in.
While this proposal is long overdue, it raises serious concerns that excessive profiteering by Big Pharma and the hospital providers has made medication unaffordable to many millions of Americans. With insulin prices escalation, not due to any significant problems in manufacturing, just greed of these businesses and the wealthy executives who simply don’t care that ordinary Americans live check to check. We the American people have been silent about how we are treated like exploitable commodities. We have heard many GOP politicians who have expressed that they simply don’t care about their customer base/insurance paying patients.
Non Americans living in other advanced economies look at the USA with utter disgust that our Government woefully allows these companies to violate patient Human Rights with impunity. Things are not improving for patients since our politicians rely so much on. Campaign financing by corporate lobbies, which demonstrates how corrupt the system has become with privatizing healthcare. Remember that healthcare has not always been a “for profit” business sector. Maybe there was a fundamental reason administrators feared that money making, not patient care would become the primary motivation of having a system of healthcare. The for-profit system
Biden could propose an OOP cap of $0 under national single-payer legislation (e.g. H.R. 3421), and after he is re-elected, we need to urge him to do that. To Jeff Barnett's points below, drug prices will then be negotiated on behalf of the entire population, enabling the national program to obtain pharmaceuticals at prices similar to other national programs -- roughly 50% of current US prices. The program will be financed by progressive taxes, so it won't be "free". Economic analyses have shown repeatedly that total cost can be reduced (current estimates are around $1,500 per person per year) while providing comprehensive benefits to all. The macroeconomics are clear cut -- the controversies are political and ideological.
Doesn't this also create an incentive for prescription drug companies to further inflate the cost of drugs in any way possible? If there's an absolute cap of $2k and you are a drug company selling a drug that costs $2k per month to fill, then why would you not increase the cost to $20k or more? The consumer doesn't care as they're paying the same $2k and the rest gets paid by someone else, but the money has to come from somewhere and would need to be paid via either premium increases or higher taxes depending on who is paying. The increase in costs born by the Medicare program could also fuel right wing efforts to move more Medicare enrollees to Advantage. Hopefully this $2k cap program would come with some measure to also limit/reduce prescription drug costs beyond the limited Medicare Drug Price negotiation program. If not, it's going to be a massive boon for prescription drug companies at the expense of the rest of us.
No one is going to "pay" for it. Capping these payments just means less very wealthy people get money for merely owning patents. Most of drug prices are economic rent. Our taxes do not need to "pay" for any of this.
According to a 2019 study, 75% of FDA-approved drugs between 2008 and 2017 were fully funded and researched by private companies. According to another study, 19% of drugs approved between 2008 and 2017 were a result of taxpayer.
c'mon, man! you have to be mainlining blue kool-aid to believe he's doing anything but saying whatever he thinks will get votes (though our votes don't matter and nothing will change unless the powers that be want a change, and they'll never want a change that's good for us, the people). this is like his 'ceasefire by monday' and those $2000 checks. or pretending that if he gets a second term it'll make a difference re abortion rights (when they had a chance to codify more than once but had no interest in doing so because that issue is their biggest cash cow, and all they care about is money and their own power).
politicians are shameless, and if we believe them, we should be ashamed. the biden administration recently sent suggested changes to the who re their pandemic treaty. this administration wants the who to have greater authority, and countries to have even less time to challenge or object. the treaty is supposed to go into effect in may. that is far more important than selection 2024 and politicians' meaningless promises. our only weapon is non-compliance, but most people don't even know this is happening. working on that would be far more useful than anything else we're doing now.
I'm sorry . . you must not know much about the billions of dollars that these companies spend on R&D creating these new drugs. If these companies don't get paid back for their investment . . then we won't have any new innovative drugs . . .there will be no incentive . . . that's why they have a patent so they can make their money back. So yes the government is going to pay . . .and everyone is going to have higher taxes because of this . There is " NO FREE LUNCH"
What a load of nonsense stated. The amount of earnings Big Pharma goes into marketing and sales, which is the highest among all so-called advanced nations. The amount these companies spend on actual R&D is minuscule in comparison to what they take in and pay their executives in compensation. When the rest of the world has many if not most of these same drugs, why do we have to pay more? Use some common sense.
According to a 2019 study, 75% of FDA-approved drugs between 2008 and 2017 were fully funded and researched by private companies. According to another study, 19% of drugs approved between 2008 and 2017 were a result of taxpayer.
IDK about you, but I don't have $2,000. The insurance companies have to go. Single-payer healthcare now before we're all dead.
While certainly admirable, I wish he would have proposed a lower limit. There are many people for which $2000 is still a great deal of money.
While this proposal is long overdue, it raises serious concerns that excessive profiteering by Big Pharma and the hospital providers has made medication unaffordable to many millions of Americans. With insulin prices escalation, not due to any significant problems in manufacturing, just greed of these businesses and the wealthy executives who simply don’t care that ordinary Americans live check to check. We the American people have been silent about how we are treated like exploitable commodities. We have heard many GOP politicians who have expressed that they simply don’t care about their customer base/insurance paying patients.
Non Americans living in other advanced economies look at the USA with utter disgust that our Government woefully allows these companies to violate patient Human Rights with impunity. Things are not improving for patients since our politicians rely so much on. Campaign financing by corporate lobbies, which demonstrates how corrupt the system has become with privatizing healthcare. Remember that healthcare has not always been a “for profit” business sector. Maybe there was a fundamental reason administrators feared that money making, not patient care would become the primary motivation of having a system of healthcare. The for-profit system
Crumbs for the lower class, cake for the rich parasites. Go senile, corrupt, genocidal, small President!
Biden could propose an OOP cap of $0 under national single-payer legislation (e.g. H.R. 3421), and after he is re-elected, we need to urge him to do that. To Jeff Barnett's points below, drug prices will then be negotiated on behalf of the entire population, enabling the national program to obtain pharmaceuticals at prices similar to other national programs -- roughly 50% of current US prices. The program will be financed by progressive taxes, so it won't be "free". Economic analyses have shown repeatedly that total cost can be reduced (current estimates are around $1,500 per person per year) while providing comprehensive benefits to all. The macroeconomics are clear cut -- the controversies are political and ideological.
2 hope this means Good riddance to George War Bush’s doughnut hole.
Doesn't this also create an incentive for prescription drug companies to further inflate the cost of drugs in any way possible? If there's an absolute cap of $2k and you are a drug company selling a drug that costs $2k per month to fill, then why would you not increase the cost to $20k or more? The consumer doesn't care as they're paying the same $2k and the rest gets paid by someone else, but the money has to come from somewhere and would need to be paid via either premium increases or higher taxes depending on who is paying. The increase in costs born by the Medicare program could also fuel right wing efforts to move more Medicare enrollees to Advantage. Hopefully this $2k cap program would come with some measure to also limit/reduce prescription drug costs beyond the limited Medicare Drug Price negotiation program. If not, it's going to be a massive boon for prescription drug companies at the expense of the rest of us.
Nice idea ... but we are all going to pay for that in much higher taxes
No one is going to "pay" for it. Capping these payments just means less very wealthy people get money for merely owning patents. Most of drug prices are economic rent. Our taxes do not need to "pay" for any of this.
Only if we don't put that in check!
According to a 2019 study, 75% of FDA-approved drugs between 2008 and 2017 were fully funded and researched by private companies. According to another study, 19% of drugs approved between 2008 and 2017 were a result of taxpayer.
-supported research and development
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7642989/
This is govt website not duck duck go link
c'mon, man! you have to be mainlining blue kool-aid to believe he's doing anything but saying whatever he thinks will get votes (though our votes don't matter and nothing will change unless the powers that be want a change, and they'll never want a change that's good for us, the people). this is like his 'ceasefire by monday' and those $2000 checks. or pretending that if he gets a second term it'll make a difference re abortion rights (when they had a chance to codify more than once but had no interest in doing so because that issue is their biggest cash cow, and all they care about is money and their own power).
politicians are shameless, and if we believe them, we should be ashamed. the biden administration recently sent suggested changes to the who re their pandemic treaty. this administration wants the who to have greater authority, and countries to have even less time to challenge or object. the treaty is supposed to go into effect in may. that is far more important than selection 2024 and politicians' meaningless promises. our only weapon is non-compliance, but most people don't even know this is happening. working on that would be far more useful than anything else we're doing now.
I'm sorry . . you must not know much about the billions of dollars that these companies spend on R&D creating these new drugs. If these companies don't get paid back for their investment . . then we won't have any new innovative drugs . . .there will be no incentive . . . that's why they have a patent so they can make their money back. So yes the government is going to pay . . .and everyone is going to have higher taxes because of this . There is " NO FREE LUNCH"
What a load of nonsense stated. The amount of earnings Big Pharma goes into marketing and sales, which is the highest among all so-called advanced nations. The amount these companies spend on actual R&D is minuscule in comparison to what they take in and pay their executives in compensation. When the rest of the world has many if not most of these same drugs, why do we have to pay more? Use some common sense.
According to a 2019 study, 75% of FDA-approved drugs between 2008 and 2017 were fully funded and researched by private companies. According to another study, 19% of drugs approved between 2008 and 2017 were a result of taxpayer.
-supported research and development
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7642989/
are you kidding?! the majority spent on r&d comes from us, the taxpayers. big pharma is merely there to reap the profits.
Oh really.. give us details on exactly how that works
here you can find all kinds of details, from many different sources, re exactly how that works (and has for decades):
https://duckduckgo.com/?q=taxpayers+pay+for+research+and+development+of+pharmaceuticals&atb=v364-1&ia=web
Wendell, please correct typo in title - President
We love you
That isn’t Biden’s fault. That is a very rude and ludicrous statement