Whew — what an exciting year this week has been!
Welcome to the Week in Review.
- Oversight Committee Sheds Light on Big Pharma’s Big Lie
- The House Committee on Oversight and Reform’s latest report undercutsthe drug industry’s biggest lie: That it needs high drug prices to fund meaningful innovation. The report found that Big Pharma spends billions more on stock buybacks, dividends, and executive pay than on research and development. The committee announced the report at a press callhosted by Chairwoman Carolyn B. Maloney, alongside Speaker Nancy Pelosi and Rep. Peter Welch. Patient advocate Lynn Scarfuto joined the lawmakers to tell reporters, “Congress has the power to change our broken system by passing H.R. 3 and allowing Medicare to negotiate drug prices so we can have the innovative medications we need at prices we all can afford.” — (The Hill)
2. President Biden Doubles Down
- With a new executive order signed Friday, President Biden demonstrated, once again, his commitment to delivering relief to patients struggling to afford their prescription medications. The President committed both to promoting competition among drug companies and topushing for comprehensive legislation that would allow Medicare to negotiate lower drug prices. Together these policies can drive true drug innovation and bring down drug prices for Americans. — (The Washington Post)
3. Data, Data, Data
- Big Pharma’s favorability among Americans is slipping, as the industry hiked the prices of nearly 60 drugs in the first days of July. Voters show strong continued support for reforms to rein in the industry’s unfettered pricing power. New polling data from AARP show nearly nine of 10 older Americans want Medicare to negotiate lower drug prices. With drug prices starting higher and growing faster in the U.S. than in other high-income countries, it’s clear why voters want reform. — (AARP)