It’s a struggle for so many people -- how to afford prescription drugs.
That’s why the CEOs of three major pharmaceutical companies were in the hot seat in Washington D.C. Thursday.
The Senate Health, Education, Labor, and Pensions Committee, chaired by Sen. Bernie Sanders, held the hearing titled “Why Does the United States Pay, by Far, the Highest Prices in the World for Prescription Drugs?”
Witnesses include chief executives of: Johnson & Johnson, Joaquin Duato; Merck, Robert Davis; and Bristol Myers Squibb, Chris Boerner.
“We must hold on to a U.S. pharmaceutical market that is free, competitive and predictable,” Davis said.
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“The simple truth is that the American people are sick and tired of paying, by far, the highest prices in the world for prescription drugs,” said Sanders. “I look forward to a very productive hearing, and hope very much that the CEOs of these major pharmaceutical companies will take a serious look at these incredible price discrepancies and work with us to substantially reduce the prices they charge the American people for these and other prescription drugs.”
Sanders said Merck charges diabetes patients $6,900 for Januvia when that exact same product can be purchased for $900 in Canada and $200 in France. Johnson & Johnson charges Americans with arthritis $79,000 for Stelara, while that same product can be purchased for $16,000 in the United Kingdom. Bristol Myers Squibb charges patients in America $7,100 for Eliquis, while that same product can be purchased for $900 in Canada and just $650 in France.
Take a look at the Senate committee report’s, their findings show:
- Merck’s cancer drug made $43.4 billion in U.S. sales since 2015. By comparison, the drug’s sales totaled $30 billion throughout the rest of the world.
- Sales of Bristol Myers’ blood thinner Eliquis reached $34.6 billion in the U.S. compared with $22.5 billion throughout the rest of the world.
- Johnson & Johnson made twice as much selling arthritis treatment in the U.S. with $30.4 billion in sales. They made $14.9 billion the rest of the world.
Due to the high cost of prescription drugs, one out of four Americans cannot afford the medicine their doctors prescribe, Sanders said. Meanwhile, the pharmaceutical industry has spent, over the past 25 years, some $8.5 billion on lobbying and over $700 million on campaign contributions.
If you’re looking to minimize spending on prescription drugs…. There are a few things you can ask your doctor that could save you some money.
- Are there less expensive drugs that might work for me?
- Is this drug available as a generic?
- Are there other choices if this drug is not covered by my insurance?
- Would a 90-day supply reduce my copay?
- Is it safe to reduce the dose and split pills?
You can look for prescription drug discount programs that offer savings. Manufacturers often provide discounts that may save you more money than using your insurance.
You can also ask your pharmacist for a savings card.
Meantime, we want to hear from you. What tricks do you have to save money on prescription drugs? Answer in the form below and your response could be read on a Channel 4 newscast.