You might think that Pharma is doing more good than harm, but, watch out, it does not put your interests first; it doesn’t have your back. Stat News reports that the pharmaceutical industry has given $1.5 million in the last election cycle to Republican State Attorneys General working to repeal the Affordable Care Act. As always, Pharma’s focus is only on its bottom line, driving profits for shareholders.
Pharmaceutical companies must see more benefits for themselves from overturning the Affordable Care Act than in keeping it. What’s interesting is that the ACA generates a lot of revenue for the pharmaceutical industry. The ACA insures millions of people. And with that coverage comes prescription drug benefits. So, it makes sense that Pharma’s support of the State Attorneys General working to repeal the ACA stems from its belief that it will generate greater revenue from its repeal.
The state health insurance exchange health plans tend not to offer particularly good access to care, and they are very expensive. But, they are still a way better option than going without insurance for the millions of Americans who need it. And, the majority of Americans (58 percent) do not want to see the ACA repealed.
With their support of Republican State Attorneys General, drug corporations are undermining the needs of more than 20 million Americans who depend on coverage from their state health insurance exchanges. Pharmaceutical companies are endangering their health and, in the process, tarnishing the industry’s image. In addition, in the short term, the pharmaceutical companies will lose revenue, if the ACA is repealed.
But, states can confer lots of additional benefits on the pharmaceutical industry, including tax waivers. States can also fail to enact regulations that would lower drug prices. Pharma does not want states regulating drug prices or otherwise forcing them down. So, it appears that Pharma has chosen to play this long game.
Of course, Pharma claims it never intended to support the ACA’s repeal. That’s hard to believe. There’s a lot that pharmaceutical companies could be doing now to demonstrate support for the ACA if the pharmaceutical companies so chose. Their inactions speak louder than words.
Here’s more from Just Care:
- Coronavirus: How to transform our broken prescription drug sector for the public good
- Prescription drug costs soar for people with Medicare Part D
- Six tips for keeping your drug costs down if you have Medicare
- Four things to think about when choosing between traditional Medicare and Medicare Advantage plans
- The Medicare Advantage scam and beyond
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