May 11, 2021

Mounting Evidence Demonstrates Need for Action on High Drug Prices

As the House Energy and Commerce Subcommittee on Health held a hearing on a bill requiring Medicare to negotiate lower drug prices, a new report found that the pharmaceutical industry spent $92 million on lobbying Congress during the first three months of 2021.

This disclosure comes on the heels of a U.S. Government Accountability Office report which found that prices for 20 brand-name prescription drugs were two to four times higher in the United States than in Canada, Australia and France.

Meanwhile Pfizer reported that it has made $3.5 billion in revenue from its COVID-19 vaccine alone during the first quarter this year.

The House Committee hearing focused on H.R. 3, a bill the House of Representatives passed during the last Congress but died in the Senate. The Alliance sent a letter supporting the legislation to Reps. Frank Pallone, Jr. (NJ), the Energy and Commerce Committee Chairman, and Anna Eshoo (CA), the Health Subcommittee chairwoman urging action on the bill that would save taxpayers and seniors billions each year.

“Americans are still paying the highest prices in the world for prescription drugs,” said Fiesta. “The government negotiates lower prices on everything from aircraft to office supplies. It’s time to get a better deal on the drugs and treatments Americans rely on.”