OP ED: Seniors being ripped off by Big Pharma

West Virginia Seniors and families have been ripped off by Big Pharma for years. We need Congress to act now and pass much needed reforms to reel in Big Pharma companies and their unfair practices and price gouging. 

Over the past decade, the prices of many life-saving medications have soared to alarming levels, with some drug prices increasing by as much as 5,000 percent. Disturbingly, this price inflation appears to be a uniquely American issue. Prescription drug costs in the United States are more than three times higher than in other developed nations, even for the exact same medications. These price hikes are often unjustified and outpace inflation, enriching pharmaceutical companies at the direct expense of American families. For too long, Big Pharma has attempted to deflect scrutiny, spending millions in advertising and lobbying to protect their own interests, but the reality is clear: it is the pharmaceutical companies themselves who are creating this problem.

More than half of all U.S. adults report being concerned about affording prescription medications for their families. Government researchers at the Office of the Assistant Secretary for Planning and Evaluation (ASPE) found that between 2022 and 2023, Big Pharma raised the cost of more than 4,200 drugs – with nearly half of them exceeding inflation.

At the same time, a report from the Institute for Clinical and Economic Review (ICER) revealed that Big Pharma’s price hikes cost U.S. taxpayers $1.27 billion in 2022 alone. However, while hardworking Americans struggle, Big Pharma companies paid just 10% in taxes in 2022 and even received a tax refund in 2023.

This is a pivotal moment for policymakers to act and put an end to the anti-competitive and unjust practices of Big Pharma. I hope this Congress finally acts and passes important reforms to stop Big Pharma’s price gouging. 

Delegate Geno Chiarelli