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Your top 10 FAQ on drug prices

Your Local Epidemiologist • 1591 implied HN points • 15 May 25
🏥 Health Politics Drug Pricing Healthcare policy Pharmaceuticals Public Health Patient Advocacy
  1. Drug prices in the U.S. are much higher than in other countries because drug companies set their own prices, and patents keep competition away for many years. This results in Americans paying more for medications.
  2. High drug prices lead people to skip doses or avoid taking medicine altogether, which can result in serious health issues. Many people can't afford their medications, causing preventable health problems.
  3. There are possible solutions to lower drug prices, like the government negotiating prices and reforming patents to allow generics more quickly. However, it requires public pressure and political will to make these changes happen.

Bruised by Government Report, Cigna's Pharmacy Business Sues the Federal Trade Commission

HEALTH CARE un-covered • 579 implied HN points • 20 Sep 24
🏥 Health Politics Healthcare Reform Insurance Practices Drug Pricing Legal Challenges
  1. Cigna's pharmacy business, Express Scripts, is suing the Federal Trade Commission to challenge a report that claims they inflate drug prices and harm patients.
  2. The FTC's report has raised awareness about the power and practices of big pharmacy benefit managers, which control a large share of the market.
  3. Cigna is trying to protect its financial interests in pharmacy benefits, as they now make up a huge portion of the company's revenues, while also facing potential reforms from lawmakers.

More than half of every dollar spent by Medicare drug plans goes to private health insurers' pharmacy benefit managers and wholesalers

HEALTH CARE un-covered • 1318 implied HN points • 05 Jan 24
🏥 Health Politics Health Insurance Medicare Drug Pricing Pharmacy Benefits Healthcare Reform
  1. More than half of the money spent on Medicare drug plans goes to middlemen like pharmacy benefit managers (PBMs) and wholesalers, not to the actual drugs.
  2. These PBMs are making huge profits, taking over 40% of the funds while people often end up paying more for their medications.
  3. Lawmakers need to act on this issue because if they can reduce PBM profits, there could be funds to support important health programs for low-income Americans.

We Must Pay More for Drugs

Something to Consider • 79 implied HN points • 27 Jul 24
🏥 Health Politics Drug Pricing Pharmaceuticals Consumer Rights Health economics
  1. Patents help inventors protect their ideas, but they alone can't ensure fair profits from innovations. We need more support to make sure inventors get what they deserve.
  2. In a monopoly, the price of goods reflects production costs, not research costs. This can lead to less innovation if prices don't encourage investment.
  3. To encourage more drug discoveries, we might need to pay higher prices or create subsidies and prizes for medical breakthroughs. It’s a tough choice, but necessary for progress.

WSJ shows insurers make patients pay thousands for cheap generics while Brookings thinks Congressional PBM reforms could fall short

HEALTH CARE un-covered • 479 implied HN points • 15 Sep 23
🏥 Health Politics Healthcare access Insurance Reform Drug Pricing
  1. Health insurers are charging patients much more for generic drugs, even when those drugs are supposed to be cheap. This makes it hard for patients, especially those with serious health issues, to afford their medications.
  2. Researchers suggest that proposed Congressional reforms may not effectively lower drug costs because pharmacy benefit managers (PBMs) could find new ways to maintain their profits.
  3. The market for PBM services is very concentrated, giving a few companies a lot of power. More competition could help lower drug prices, but eliminating PBM profits might only reduce overall spending by a small amount.
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