Drug lobby's high-priced influence
With all the recent drama regarding the U.S. Supreme Court, health care issues get placed on the back burner. Yet the problems continue, placing us on an unsustainable path, and hurting people in the process.
The failure of the Trump administration to reduce drug prices is certainly not surprising. Currently, the United States pays about double the average of other wealthy nations for medications, adding roughly $150 billion to our yearly medical costs compared to other countries. The pharma lobby is one of the biggest in Washington, spending about $450,000 per member of Congress per year. There are about two pharma lobbyists for every member of Congress. They are also one of the top industries for campaign contributions, according to the Center for Responsive Politics. Congressman Peter Roskam has received about $200,000 from them in 2018.
Why is it illegal for Medicare to negotiate drug prices? Due to pharma's influence on key legislators in the process, such as former congressman Billy Tauzin of Louisiana, who, after passage of Medicare Part D, went to work for the lobby at a salary of $2 million a year.
Why does the industry pay this much? Because it provides an excellent return on investment. Pharma is the most profitable industry in health care, clearing over $60 billion in 2017.
A common argument for high prices is that the industry needs the funds for research. However, most of the big pharmaceutical companies spend more on marketing than research.
A key component of a single payer, Medicare-for-All plan is the ability of the government to negotiate drug prices on behalf of the entire nation, bringing them down to a more reasonable level. It is estimated that 20 million Americans have problems affording medication, contributing to our poor health outcomes relative to other wealthy countries.
We have to do better.
John Perryman
St. Charles