Robert Reich

Biden announced the first 10 prescription drugs subject to price negotiations with Medicare.

It’s estimated to cut prices for certain drugs by half — leading to savings for seniors.

Big Pharma has of course sued.

If you wanted a sign that this is good policy, look no further.

Sep 28, 2023 at 8:55pmWeb
Show threadLarrySep 28, 2023
@rbreich
Grasp the nettle firmly!
The Canadian provincial health plans negotiate a single-buyer, bulk purchase from the pharmas which they sell on to hospitals, clinics, and pharmacies at cost plus.
The pharmas squeal but don't sue.
Show threadSheryl BegbyOct 4, 2023
@quoidian @rbreich Same in NZ. Works a charm. consumers used to pay $5 per prescribed medicine at the pharmacy, but this was just reduced to $0. No charge for prescription meds, with few exceptions, such as some chemo meds.
Show threadSilversaltySep 28, 2023

@rbreich

https://masto.ai/@rbreich/111144763393567941

Robert Reich (@[email protected])

Biden announced the first 10 prescription drugs subject to price negotiations with Medicare. It’s estimated to cut prices for certain drugs by half — leading to savings for seniors. Big Pharma has of course sued. If you wanted a sign that this is good policy, look no further.

Mastodon
Show threadSilversaltySep 28, 2023

@rbreich

Posted the wrong link.

https://prospect.org/health/2023-09-11-we-may-not-negotiate-prices-for-ten-drugs-after-all/

We May Not Negotiate Prices for Ten Drugs After All

Rules that exempt drugs from Medicare negotiation if there’s ‘meaningful’ generic competition could whittle down the effect of the program.

The American Prospect
Show threadLee 🌏Sep 28, 2023
@rbreich
Once again...
Biden gets on with the stuff that Trump talked about but never did anything about.
Show threadfirewyreSep 28, 2023
@rbreich we should try outlawing lawsuits for a year just to see what happens.
Show threadJLSep 28, 2023
@rbreich According to a 2021 study by the RAND Corporation, a non-profit global policy think tank, prices of prescription drugs in the U.S. are 2.4 times higher than the average prices of nine other nations (Austria, Australia, Belgium, Canada, Germany, Japan, Sweden, Switzerland and the United Kingdom😭 😩
Show threadKingsley Bugarin PLY OAM 🇦🇺Sep 29, 2023

@JLH_JAN2022 @rbreich

One of the medications my wife takes, Humira, is USD7,299/month full cash price in the US.

In Australia, the full cash price without medicare subsidy is USD588.8/month.

With the medicare subsidy it is USD19.2.

The solution is for the US government to nationalise the pharmaceutical companies.

But, the pharma companies own most of the politicians.

Show threadRaymond RussellNov 23, 2023
@kingsleybugarin @JLH_JAN2022 @rbreich
Thats a lot of cash.
According to NHS England the patent expired in Oct 2018 and there are now biosimilars available which pushed the cost down. This is an article from (2018) when the drug was coming out of patent and the plans to switch patients over to new versions.
I did see in an update that there are currently 5 biosimilar versions now in use by the NHS.
The medication is given in hospital in the UK, there is no patient charge
https://www.england.nhs.uk/2018/10/nhs-set-to-save-150-million-by-switching-to-new-versions-of-most-costly-drug/
NHS England » NHS set to save £150 million by switching to new versions of most costly drug

Show threadKingsley Bugarin PLY OAM 🇦🇺Nov 24, 2023

@raymierussell @JLH_JAN2022 @rbreich

My wife is now taking one of the biosimilars but while it is significantly cheaper than Humira it is still over USD3000/month in the US.

Show threadSearingTruthSep 28, 2023

@rbreich

"Humane health care is achieved when the rich and the poor receive the same treatment."
SearingTruth

Show threadJoseph A. LangleySep 29, 2023

@rbreich

One of those drugs is Eliquis. The patent for Eliquis should have expired already, but it keeps getting extended.

The last patent extension was affirmed by an appeals court in 2021, during the Biden administration.

Generics for Eliquis have been approved by the FDA for years - only the patent extensions keep them from going to market.

Also, I hope they negotiate better than the GSA. I have seen GSA negotiated prices posted in stores that are higher than the store's regular price.

Show threadO'Shaq HennessySep 29, 2023

@rbreich

Student. Loans.

Show threadMarcSep 29, 2023
@OShaqHennessey @rbreich
I've got this clever way of reducing my drug prices around 90%.. instead of importing drugs from abroad, I've exported myself.
Show threadfoothillbillyOct 3, 2023
@rbreich We're only talking 10 drugs so far and any price drops don't start until 2026.
Show threadChris RaymondOct 5, 2023
@rbreich Big Pharma already negotiates with the VA, right? But not to worry, they've jacked up the prices of generics now in anticipation of having to rein in prices on the top 10. My decades-old generic doubled in price to me, and pharmacy says it's quadrupled for them.