Drug prices in the US are nearly five times higher than in similarly developed countries, according to a new study. Researchers looked at 10 drugs that were just negotiated by US government officials to bring down the cost for older Americans with arthritis, psoriasis, leukemia, heart failure and diabetes. Aside from insulin, all the drugs studied remained more expensive in the US than in the UK, Germany, Australia, Switzerland, Canada and France. For example Jardiance, a diabetes drug made by German-based company Boehringer Ingelheim, cost $197 per month in the US which is 4.8 times higher than the cost in Australia.
These findings come after the Biden Administration's Inflation Reduction Act gave Medicare - the government's health program for seniors - the power to negotiate drug prices with pharmaceutical companies. They officially started that program earlier this year with the ten drugs analyzed in the new study.
"I think everyone knew that this wasn't going to have major impacts," said Dr Jared Ross, President of Emergency Medical Services, Education & Consulting. "This was so that we could show both from the politician side as well as from pharma side that they were trying to change this."
Of the ten prescriptions studied, at least three are manufactured by US companies yet aren't any cheaper for US consumers. This includes Xarelto (manufactured by Johnson and Johnson), Eliquis (manufactured by Bristol Myers Squibb and Pfizer), and Enbrel (manufactured by Amgen).
Vivek Ramaswamy recently pinned the problem of extortionate drug prices in the US on bureaucracy at the FDA: "The organization erects unnecessary barriers" which raises costs.
Dr Ross agreed that bringing a drug to market can contribute to its cost but claimed it's more complex due to factors like stricter patent regulations and price controls abroad.
In other countries they also have stronger willingness to negotiate drug prices which keeps them lower compared to less oversight seen in pricing within America.
"What we don't have is we don't have a free market," added Dr Ross regarding attempts at creating appearance thereof through negotiations.
The London School of Economics led research showed spending on prescription drugs has steadily increased since 1960s despite inflation adjustments; medical debt remains top bankruptcy cause across nation today
The study focused on newly negotiated drug prices created by Inflation Reduction Act setting upper limits common prescriptions under CMS management starting August 2024 including Stelara costing $4695/monthly stateside versus $1341/Australia or $1291/UK respectively among others such as Enbrel priced approximately threefold higher domestically too relative globally available alternatives
"While study shows an average decrease U.S., they remain up four times higher industrialized nations," commented Dr Eric Arzubi CEO Frontier Psychiatry reflecting ongoing disparities requiring further governmental intervention negotiating comprehensive care solutions beyond pharmaceuticals alone ultimately reducing economic burden faced everyday citizens nationwide alike
"Unfortunately...no price too expensive care," concluded Dr Ross emphasizing need stricter enforcement patent laws alongside implementing effective control mechanisms ensure sustainability affordability long-term healthcare provision United States moving forward collectively addressing multifaceted challenges posed current system dynamics prevailing contextually throughout regionally internationally comparable settings observed contemporaneously present day circumstances experienced firsthand myriad stakeholders involved therein comprehensively holistically integrative approach envisioned achieving desired outcomes beneficially impacting society whole progressively positively transformative fashion anticipated future prospects envisaged optimistically potential realized fully extent possible achievable realistically attainable goals pursued diligently earnestly conscientiously steadfastly unwavering commitment shared universally embraced wholeheartedly enthusiastically endorsed 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