Drug prices are too high.
The Senate Finance Committee Tuesday rolled out its long-awaited bipartisan plan aimed at lowering prescription drug prices.
Committee Chairman Sen. Chuck Grassley, Republican of Iowa, and Ranking Member Sen. Ron Wyden, Democrat of Oregon, are the latest congressional duo to address the problem that’s a top priority for many Americans, as well as President Donald Trump.
The pharmaceutical industry is now the most poorly regarded industry in Americans’ eyes, ranking last on a list of 25 industries that Gallup tests annually. Americans are more than twice as likely to rate the pharmaceutical industry negatively (58%) as positively (27%), giving it a net-positive score of -31. The restaurant industry is rated most positively.
While many pharmaceutical companies benefit from federal funding for research, this doesn’t necessarily translate to lower prices for patients who ultimately buy the drugs that are developed. In other words, the government is effectively subsidizing companies’ ability to develop drugs and then charge exorbitant prices for them.
Sens. Chris Van Hollen (D-MD) and Rick Scott (R-FL) want to change that.
The powerful trade group representing the prescription drug industry spent a record-high $29 million lobbying Congress in 2019, according to disclosure reports released Tuesday.
It doesn’t matter where you live in this country or what your political identification is; nobody likes getting ripped off by pharma. Everybody wants their members of Congress to drastically lower drug prices by taking on big pharma’s greed and breaking up pharmaceutical monopolies.