This week, the Biden Administration released the first ten medicines that will be subject to price negotiation. These negotiations are possible thanks to the key components in the Inflation Reduction Act (IRA) that was passed last year. While it’s easy to think that this will save money, the hard…
This week, the Biden Administration released the first ten medicines that will be subject to price negotiation. These negotiations are possible thanks to the key components in the Inflation Reduction Act that was passed last year. While it’s easy to think that this will save money, the hard fact is that it probably will not save patients money at all and will actually hurt the drugs that are in development.
The healthcare system in this country surely has its issues. At the same time, having worked with patients from 72 countries, we can say that there is no better country for healthcare anywhere. Anyone who has had a surprise medical bill, has been denied coverage, or had sticker shock at the pharmacy counter can certainly testify about the financial toxicity of healthcare.
The basic truth is that research and development is important if we are to see advancements. That is true in everything from aerospace to alternative energy to drug development. The Biden Administration has made the “Cancer Moonshot” program a major building block in their health care policy, but with the Inflation Reduction Act, they’ve essentially blown it up on the launchpad.
That is why we cannot look at this policy and think that it’s a realistic solution to lowering drug prices. So what is the solution? Let’s start with the pharmacy benefit manager industry. PBMs are just middlemen who use every trick in the book to increase profits and leave patients out in the cold. That is why Congress has an array of bills out there to tackle the PBM industry.
Senators Kyrsten Sinema and Mark Kelly have the opportunity to put the patient voice in their policies. Now that the serious problems of the Inflation Reduction Act are coming into focus, I hope they will turn their attention to fixing the legislation so that we aren’t asking ourselves in twenty years “Where did all the cures go?”
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