Pharmaceutical CEOs took aim at new drug-pricing proposals that would allow the government to negotiate prices for some medications, telling investors that the suggested changes would be “chilling” or “detrimental” to the development of new therapies.
Making these changes is expected to yield more than $100 billion in savings for the federal healthcare system, while also reducing out-of-pocket spending on medication for seniors. But drug makers, which have long battled against restrictions on how they price their therapies, particularly in the lucrative U.S. market, say the proposed legislation would instead slow down their investment into research and development in some cases.
Pharmaceutical companies say they support the cap on out-of-pocket costs for people covered by Medicare. This makes sense. If patients can’t afford the out-of-pocket costs for a therapy, they won’t take it, and the companies won’t earn revenue from those patients. He cited Keytruda, a cancer therapy that first received approval from the Food and Drug Administration in 2014 and has since been granted an additional 30 or so indications. The drug is used to treat everything from melanoma to breast and lung cancers, and Davis said the company expects to double the number of indications between this year and 2028. To no surprise, Keytruda is Merck’s top-selling therapy, generating $17.2 billion in sales in 2021.
More of Rupert Murdoch propaganda from his magazine. Every other developed country negotiates their drug price. And guess what they’re 9000% less in care costs and LIVE longer. Like Japan.
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