Strong legislation to curb soaring drug prices is a win for American patients
WASHINGTON – Restore Public Trust released the following statement today after bold drug pricing reforms were approved by the House Ways and Means Committee. While the Trump administration has acted as a revolving door for Big Pharma to set up shop, this new bill would lower drug prices for American patients and save them billions.
“Americans are demanding lower drug prices and Congress is answering their call. Meanwhile, the White House and Secretary Alex Azar are still allowing Big Pharma to reap record-breaking profits,” said Lizzy Price, director of Restore Public Trust. “Lowering prescription drug costs for Americans will require sweeping reform and bold action in the face of tremendous pressure from drug companies and their well-networked allies. Despite repeated promises to cut drug prices, President Trump put Secretary Azar, a former pharmaceutical executive, in charge of the nation’s Health Department, ensuring that the administration would not hold Big Pharma accountable for the soaring cost of drugs burdening sick Americans and their families. We applaud Congress for putting forth a bill that puts people’s health before drug companies’ profits.”
The cost of prescription drugs in America has risen astronomically for more than a decade. Earlier this month, 46brooklyn released a report showing the median monthly price for generic drugs has increased a whopping 712 percent since 2006, while the same measure for brand-name drugs increased 381 percent. Despite this, the Trump administration has done little but act as a revolving door for the pharmaceutical industry, even appointing a former Big Pharma executive with a history of hiking drug prices to be his HHS secretary. Since taking office, Secretary Azar has allowed drug companies to go unchecked as they continually raise drug prices and buy back stocks to benefit shareholders over patients.
Restore Public Trust is advocating for sweeping reform to lower drug prices and working to hold Secretary Azar and other administration officials accountable to the people they serve. Data from Restore Public Trust’s Big Pharma’s Best Friends campaign shows:
- The 16 current or former Trump administration officials with ties to the pharmaceutical industry have profited $5.9 million from their Big Pharma connections.
- At least 19 pharmaceutical companies and lobbying groups are represented in the Trump Administration.
- A majority of the health care industry’s profits in the first three months of 2019 went to the top 10 companies, and nine of those 10 companies were pharmaceutical manufacturers.