Why Should We Care About Big Pharma?
Rising prescription drug prices is the #1 factor fueling higher healthcare costs. The U.S. has the most costly heathcare system in the world. Prescription drug spending accounts for 10 percent of national health expenditures. But drugs represent an even larger (19 percent) share of union and non-union employer spending on health benefits, and a similar share of Medicare costs.
Drug companies spend much more on sales and marketing than on research and development of new drugs to cure diseases. The National Science Foundation and the federal government show that 4/5 of all funds for basic research come from public sources.
The pharmaceutical and health industries spend more on lobbying to influence health policy and politics than any other industry ($229,581,063 in 2014). This was the driving force that resulted in the Medicare Modernization Act in 2003, creating Medicare's drug program and prohibiting Medicare from negotiating drug costs. The industry's influence also greatly affects the priorities and process of the Federal Drug Administration and drug patent policies that maximize drug costs and profits. The result? Many people can't afford the medications they need, often putting off buying their medicines or taking them less often than necessary.
We need pharmaceuticals to cure and counter disease, not maximize profit. Public policy should effectively regulate the industry and approve drugs for the common good.
Prop. 61: The California Drug Price Relief Act of 2016
The California Drug Price Relief Act is a November ballot measure that will require the State of California to pay no more for prescription drugs than is paid for the same medication by the U.S. Department of Veterans Affairs. By law, the Department of Veterans Affairs uses its buying power to purchase prescription drugs at roughly 40 percent less than market prices. If passed, California taxpayers will save billions of dollars under the California Drug Price Relief Act of 2016.
Labor United for Universal Healthcare and the Campaign for a Healthy California put together a new flyer on Big Pharma. Click here to download the PDF version. We also have in-depth presentations and speakers available for your union or group to discuss Big Pharma and the California Drug Price Relief Act. Contact us for more information.
Published September 9th, 2016Like this post? Consider sharing it on
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