A bunch of U.S. lawmakers questioned the president of Pharmaceutical Analysis and Producers of America (PhRMA) relating to a "troubling" enhance in drug costs.
The 13 lawmakers, together with Senators Elizabeth Warren and Bernie Sanders, despatched a letter to Stephen Ubl Tuesday, urgent the PhRMA president on the will increase, citing a research by College of Minnesota professor Dr. Stephen Schondelmeyer that mentioned 72 p.c of the 100 top-selling medicine skilled value will increase at the start of 2022. It follows a pattern of costs for a lot of Medicare medicine growing above the speed of inflation, in accordance with information from the Kaiser Household Basis.
"The massive, across-the-board value will increase of in style, model identify pharmaceuticals seem like an instance of pharmaceutical corporations making the most of their abusive market energy to broaden already giant income," the letter mentioned.
Schondelmeyer's research confirmed 26 p.c of brand-name medicine had greater costs this yr, as nicely. The lawmakers' letter additionally referenced a research by the Johns Hopkins Drug Entry and Affordability Initiative, which centered particularly on 20 medicine Medicare's Half D program spends probably the most on. It discovered costs for 16 of the 20 medicine had been greater at the start of this yr.
In 2020, the rise regarded comparable, in accordance with the Kaiser Household Basis, with 23 out of 25 Medicare Half D medicine and 16 out of 25 Half B medicine seeing value will increase above the speed of inflation.
The letter particularly talked about medicine similar to Novo Nordisk's Victoza 2-Pak for sort 2 diabetes therapy, which elevated in value by 4.8 p.c, in addition to the AbbVie Humira Pen for rheumatoid arthritis and leukemia-treating Imbruvica, which each elevated in value by 7 p.c, Reuters reported. It additionally talked about will increase for Myers Squibb's and Pfizer's Ibrance, a breast most cancers drug, and Pfizer's Eliquis, a blood clot preventer, growing by 6 p.c and 6.9 p.c, respectively.
The lawmakers requested within the letter that PhRMA clarify these value will increase and present documentation of the analysis prices and the way a lot cash the medicine have introduced in.
In an announcement despatched to Newsweek, PhRMA spokesperson Brian Newell mentioned the letter's "myopic focus" on the worth of medication ignores different points the lawmakers could possibly be addressing, similar to "abusive insurance coverage practices that power sufferers to pay the total value of medicines" whereas "middlemen pocket report rebates and reductions from drugmakers."
"We've mentioned repeatedly that we're wanting to work with lawmakers on reducing what sufferers need to pay for life-saving medicines however cherry-picking information and ignoring the bigger issues that exist in our well being care system will not present significant reduction," he mentioned.
Newell additionally cited information from the Bureau of Labor Statistics that claims prescription drug costs solely grew 1.3 p.c over the previous yr.
"We're reviewing the letter and stay up for offering a response that addresses the considerations and misinformation it raises," he added.
This isn't the primary time that lawmakers like Warren and Sanders have put this type of stress on PhRMA. In June of final yr, a number of Democratic senators despatched a letter to the pharmaceutical group to supply extra data on its spending on lobbying towards a waiver that will permit lower-income nations to fabricate their very own COVID-19 vaccines.
Schondelmeyer didn't instantly reply to Newsweek's requests for remark.
Replace 03/01/22, 5:30 p.m. ET: This story was up to date so as to add an announcement from PhRMA.
Replace 03/01/22, 4:30 p.m. ET: This story was up to date so as to add extra data.
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