For far too long, Americans have paid more for prescription drugs than any major economy. And while the pharmaceutical industry makes record profits, millions of Americans are forced to choose between paying for medications they need to live or paying for food, rent, and other basic necessities.
Whenever attempts have been made to reign in drug prices, Republicans side with the drug company executives who insist that high prices are necessary to create an incentive for drug companies to innovate, as their investment in research and development depends on the revenue they expect from new drugs. But congressional investigation has found that the largest drug companies spend more on payouts for investors and executives than on research and development. Any new drugs rely on scientific discoveries from research funded by taxpayers, while drug companies’ R&D spending often focuses on minor changes to extend patent protection and block lower-priced competitors.
In 2022, Democrats passed the Inflation Reduction Act without a single Republican vote. That law permits the government to negotiate with pharmaceutical companies over drug prices the government will pay. Medicare has been given the green light to negotiate prices for the top ten most expensive drugs. If President Biden is re-elected, he plans to continue lowering the cost of medications by increasing the number of drugs that Medicare can negotiate prices.
When you go to vote, think about which party is more likely to look for solutions to reduce the high cost of health care in America.
Johnnie Ellington
Statham