The hefty price tag for Biogen’s new Alzheimer’s drug proves that when drug corporations have monopoly power to set prices, they will set them ridiculously high. Biogen is selling false hopes, rather than clinical results, to desperate families — but still stands to make a profit. Already since the announcement of the FDA’s approval, Biogen’s share price has skyrocketed.
It’s appalling, but not surprising, that Johnson & Johnson is trying to get the conservative justices on the Supreme Court to let them off the hook. This is a company that knowingly and intentionally targeted African American women with a carcinogenic product that resulted in the development of life-threatening ovarian cancer.
For decades now, Americans have made clear that lowering the cost of prescription drugs is a key issue for them — and across party lines.
The national organizations leading the push for lower prescription drug prices today sent a joint letter to Congress calling on them to pass legislation to lower prescription drug prices by passing H.R. 3, the Lower Drug Costs Now Act, this year.
In the first three months of the year, the pharmaceutical industry spent $92 million lobbying against efforts to protect people from their profiteering. It’s shameful. The fact is, prescription medicines and COVID vaccines can only work if people have affordable access to them. Clearly, that’s not the priority for Big Pharma players, who are more interested in protecting their monopoly patents than saving lives across the globe.
Today, the Biden Administration made clear that the United States will lead by example in the global fight against COVID. This fight can only be won by working together, not allowing the pharmaceutical corporations to dictate who gets access to COVID vaccines and when.
Action to lower drug prices is the last thing Big Pharma wants from lawmakers. Today’s hearing, which includes testimony from patients and healthcare advocates, represents a key step to enacting long-overdue reforms that would increase transparency, accountability and affordability for patients everywhere.