Why Americans Still Pay Sky-High Drug Prices Despite Biden’s Push for Reform
Americans are paying significantly higher prices for drugs compared to customers in other countries for the same treatments. This disparity has been a longstanding issue, with pharmaceutical companies generating substantial profits from these high prices. President Biden attempted to address this concern with an executive order in 2020.
In an interview on 'The Claman Countdown', AstraZeneca CEO Pascal Soriot discussed President Biden's drug cost cut executive order. The order aimed to lower drug prices for American consumers by linking them to prices in other developed countries. However, the pharmaceutical industry has been resistant to these changes.
Some of the most expensive drugs in the USA include Eli Lilly's Mounjaro, used for diabetes and weight loss, costing around $1,080 per month. Novo Nordisk's Ozempic, a Type 2 Diabetes medication, is priced at $997.58 per weekly pen. Merck's Keytruda, a cancer treatment drug, costs $11,795 per dose every 3 weeks. Bristol-Myers Squibb/Pfizer's Eliquis, a blood thinner, ranges from $500 to $600 per month. Gilead Science's Biktarvy, an HIV treatment, costs between $2,000 and $3,000 per month. These high prices have led to significant profits for pharmaceutical companies, with global sales in 2024 projected to reach billions of dollars for each drug.
In July 2020, President Biden sent a letter to 17 pharmaceutical CEOs outlining his demands to lower drug prices. Despite these efforts, the prices of many drugs remain high, with companies like Novartis, Roche, and Sarepta Therapeutics continuing to profit from high-priced treatments.
The high cost of drugs in the USA continues to be a contentious issue. While President Biden's executive order aimed to address this concern, drug prices remain high, with pharmaceutical companies continuing to profit from these treatments. Further action may be needed to reduce drug prices for American consumers.
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