Recent data published from Kaiser Family Foundation (KFF) found that over the past five years Big Pharma’s prescription drug prices increased faster than the rate of inflation on over half of all drugs covered by Medicare. That creates a health crisis that leaves millions of seniors unable to afford the medications they need. In 2020 alone, there were over 100 pharmaceutical companies that increased the prices of over 1,000 name-brand prescription drugs.
Despite significant progress made in Washington to hold pharmaceutical industry accountable, and unprecedented scrutiny of the industry’s egregious pricing hikes, and anti-competitive tactics, Big Pharma continues to prioritize their profits over people. It’s clear Washington needs to do more. In fact, a recent study published found that without any further action, the anti-competitive nature of big Pharma alone will cost the American taxpayers another $30 billion by 2029.
