Pharmaceutical Research and Manufacturers of America really doesn’t back away from its reputation.
Do you want to call the coterie of companies it represents Big Pharma? Fine. The trade group that lobbies for those companies leans into the name using its cheeky initials — PhRMA.
The organization is so forthright with its purpose that it’s a little strange it’s so disingenuous with its protests against the concept of Medicare drug price negotiations.
PhRMA’s social media accounts have been busy since the federal government announced the 10 drugs on the list for price negotiations. The meds are: blood thinners Eliquis and Xarelto; diabetes medications Januvia, Jardiance, Farxiga and Novolog; blood pressure medicine Entresto; immunosuppressive biologics Enbrel and Stelara; and cancer treatment Imbruvica.
PhRMA talks about the politics and how the government negotiations authorized under the Inflation Reduction Act will hurt research and investment.
OK, let’s talk about that. Research and investment are a huge part of the breakthroughs in science. But taxpayer investment has been a huge part of many drug breakthroughs. A 2020 paper by researchers at Bentley University suggests National Institutes of Health investments were a driving force for most drugs in recent years.
So how often is the taxpayer paying for both the research and the high cost of the medication subsequently patented by a corporation?
And that brings us to those costs. The 10 drugs in question fall on a wide spectrum.
The cheapest is Novolog, a fast-acting insulin that is used in concert with a long-lasting insulin for controlling high blood sugars. It costs about $314 for a month’s supply. The most expensive? That’s a toss-up. Stelara costs $25,497 for an 8-week supply. The highest dose of Imbruvica is $484 per pill, or $13,546 for a month’s supply, which would just nudge Stelara out over the same time period.
This is why so many senior citizens — and let’s be honest, other people not covered by Medicare — struggle with either paying for medication or paying the rest of their monthly bills. While 89% of seniors take medication, a 2022 federal report showed that 3.5 million struggle to afford it.
Negotiation on anything that costs hundreds or thousands of dollars per month per person in a nation with 65 million people on Medicare is not overreach. It’s obvious. Why wouldn’t we try to get the best prices possible on prescription medication?
PhRMA and others are trying to make this political — and, sure, it is political because what isn’t today? But what is political doesn’t have to be partisan.
Let’s not forget that Trump campaigned on the idea in 2016 and, in November 2020, made moves that would lower Medicare copays for in-office medications and make drug companies give rebates to patients instead of pharmacy benefit managers.
PhRMA called that a “reckless attack.” Maybe drug companies could just save money by paying less than the $8 billion spent on advertising or the $374 million spent on lobbying.
