Senator Bernie Sanders is refusing to join with President Joe Biden and fellow Democrats to support the president’s nominee to head the National Institutes of Health. The Washington Post reports that Sanders, who heads the Senate HELP committee, first wants a commitment from President Biden to lower drug prices.
We need “a very clear” government strategy on how to bring down prescription drug prices, says Sanders. Americans pay many times more than people in other countries for our drugs. And, not only is that insane, it is unconscionable. High drug prices are literally killing people, keeping them from taking heart and cancer medications they need to stay alive. High prices are also driving up federal health care spending.
As chair of the Senate HELP committee, Senator Sanders decides whether to confirm nominees for positions at the Department of Health and Human Services. He hopes to pressure the administration to establish a plan for lowering drug prices. He’s gotten media attention, but will he get Biden to act?
President Biden says he is concerned about the price of prescription drugs. He signed the Inflation Reduction Act, which allows Medicare to negotiate some drug prices. But, that’s only for people with Medicare and only covers a small number of drugs.
A recent report from the Department of Health and Human Services found that in the year between 2021 and 2022, the price of more than 1,200 medications rose more than 31 percent. The pharmaceutical industry blames Pharmacy Benefits Managers (PBMs) for high drug prices. They are to blame, and so are pharmaceutical companies. PBMs pocket most of the savings they secure from bulk purchasing of drugs rather than using the savings to reduce drug costs appreciably. Pharmaceutical companies charge high prices.
Senator Sanders’ team just issued a report finding that even when taxpayer dollars go to funding pharmaceutical company research that leads to the development of new drugs, Americans pay a lot more than people in other countries for those drugs. Americans pay for those drugs to be developed and are then expected to pay again in spades for them when they need them.
Senator Sanders wants all drugs created with taxpayer dollars through the NIH to come with a “reasonable pricing clause.” He doesn’t spell out what that means. It should mean a price equal to if not lower than what any other wealthy country pays for those drugs. That’s only reasonable since we’ve paid for their development.
The easiest way to bring down prescription drug prices quickly is to open our borders to drug importation from verified pharmacies and require insurers to cover their cost. But, no one is yet calling for that. Sanders’ goal is to change government policy with regard to the pharmaceutical industry and demand that prescription drug costs in the US drop considerably. Good luck!
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