Patients For Affordable Drugs turned 4 years old this week! Thank you to everyone who has been in this fight with us.
Welcome to the Week in Review.
- Confirm Becerra Now
- HHS Secretary-designate Xavier Becerra asserted his commitment to lower drug prices in confirmation hearings before the Senate HELP and Finance Committees this week. At the hearings, senators on both sides of the aisle made clear that drug pricing is a priority for Congress this year, and Becerra comes with a strong record of defending patients from pharma’s abusive pricing tactics. We urge the Senate to confirm Becerra quickly so that he and Congress can get to work fighting for patients. — (AP)
2. Seize The Moment
- With Democrats in control of Congress and the White House, it’s the best political environment in years for comprehensive drug pricing reform. There is bipartisan support to pass a bill that would allow Medicare to negotiate for lower drug prices. Congress must take advantage of the moment and rein in high drug prices for millions of patients across the country. — (The Hill)
3. Post-Pandemic Profiteering Plans
- Pfizer admitted that it intends to hike the price of its COVID-19 vaccine. The company already expects to make $15 billion this year alone thanks to its vaccine developed from taxpayer-funded research, but the company’s CFO suggested that future prices may jump from $19.50 to $175 per dose. It’s a perfect illustration of where pharma’s priorities lie: Even as Americans are still in the midst of a public health crisis, drug corporations are looking for ways to increase their already high profit margins. — (FiercePharma)
4. An Incentive To Price Gouge
- Eli Lilly CEO David Ricks’ compensation package grew to $23.7 million in 2020 — an increase of 11 percent from 2019 — as the company exceeded its revenue target for the year. Meanwhile, the company continues to hike drug prices, including on its best-selling product Trulicity. When earnings and revenue targets are linked to executive bonuses, is it any surprise that brand-name drugs in the United States are 3.5 times the prices in other countries? — (FiercePharma)
5. Our Work, Their Reward
- Moderna is projecting $18 billion in sales this year from its COVID-19 vaccine, which is based on government-funded research and was 100 percent funded by taxpayers. It’s the first year that the company is expected to make a profit. Taxpayers have de-risked the development of vaccines, and now drug companies are watching the cash roll in. — (Reuters)