What would it mean to you and your family if you were able to get your prescriptions for less money? Despite the recent loss of a bill aimed at allowing the import of less expensive drugs from other countries, big pharma is losing its allies in Washington.
Democrats And Republicans Working Together Against Big Pharma
First, consider the bill proposed by Bernie Sanders, the well-known Independent Senator representing the State of Vermont. The idea behind the bill was to enable the import of drugs from countries such as Canada. The result for the American people would be the availability of less expensive prescriptions. The measure was voted down 52-46. Although it may look like a win for big pharma, that’s simply not the case when we look closer.
It may be hard to believe, but several Republicans also voted to allow the import of the less expensive medications. Key Republican supporters of this measure included Ted Cruz, John McCain, and John Kennedy. Keep in mind that Senators and Representatives from both major parties stepped up and verbally admonished (and investigated) both Mylan’s increase in the EpiPen and Martin Shkreli when he increased the price on Daraprim.
The Attack On Big Pharma Doesn’t Stop At The Legislative Branch
Big pharma’s new lack of support doesn’t stop at the legislative branch. President Donald Trump gave a recent opinion on big pharma: drug companies are “getting away with murder.” President Trump’s comment was in reference to what big pharma charges the government for medications. His opinion is echoed by millions of Americans who rely on prescriptions.
After President Trump’s remarks, the worth of several big pharma stocks substantially dropped. The ARCA pharmaceutical index gave up more than 2.5%.
Big Pharma Responds To The Government
Pharmaceutical Research and Manufacturers of America, an industry trade group, responded to President Trump’s commentary with a statement from their President, Stephen Ubl. Ubl stated that the industry is committed to working with the government to improve competitiveness. Roche Pharmaceuticals CEO, Daniel O’Day, stated that he believes that big pharma’s drug price increases have been “responsible.”
Big Pharma Could Be In For A Rough Time
Mylan isn’t the only company that experiences record breaking profits each year by hiking up the price of prescriptions. Big pharma has long admitted that their objective is to keep their shareholders happy. When we consider the bipartisan effort in the Senate to allow less expensive drugs coupled with the way that the stock market reacts when President Trump discusses certain industries, it appears that big pharma could be in for a rough time over the next four years. Could we see more affordable prescription prices in the United States over the next few years? Only time will tell.
Nationwide Drug Injury Lawyers
Goldwater Law Firm provides legal representation to patients and their families when they are hurt or die as a result of taking dangerous or defective medications or because of a defective medical device. We provide a compassionate experience for our clients while helping them get the compensation that they deserve. Contact Goldwater Law Firm now to schedule your free case evaluation. Consultations are free of charge and totally confidential.