Thursday, May 21, 2020

“It’s Groundhog Day. Another day, another drug corporation with a history of price gouging gets a massive gift of taxpayer dollars, no strings attached. Every taxpayer should be asking the Trump Administration why we are giving AstraZeneca over $1 billion for drugs that were developed with our tax dollars. Beating COVID depends on ensuring these medicines will be affordable.  But instead, the Trump Administration continues to give drug corporations monopoly control over prices to profiteer off the pandemic.  Time after time, corporations like AstraZeneca have put their profits ahead of patients. That’s why Congress must demand that any drugs developed with taxpayer investments be provided at no additional cost.”

Background:

AstraZeneca is no stranger to price gouging. Faced with a generic competition to it’s popular cholesterol drug Crestor, AstraZeneca significantly hiked prices overnight.

• Crestor’s “Price Was Increased Several Times Before The Generic Came Out … Including By About 15 Percent Right Before.” “AstraZeneca’s AZN, -0.08% drug Crestor, another of the drugs featured in the report, is a popular but expensive drug that treats high cholesterol. In 2016, when the drug first got a new generic rival, the branded product cost about $300 a month without insurance coverage. The price was increased several times before the generic came out … including by about 15% right before.” (Emma Court, “Big Pharma Games The System To Make Generic Drugs More Expensive,” MarketWatch, 8/3/18)

• AstraZeneca was able to lock in “A New, Higher Baseline Price When The Generic Hits The Market.”(Tori Marsh, “Prices For Brand Drugs Spike Before A Generic Is Released. Here’s Why.,” GoodRx, 7/27/18)