Discussions Regarding Drug Prices

It’s no secret that prescription drug prices are very high, in fact, too high. They continue getting higher and until now, there has been no end in sight.

The Senate is working feverishly on Healthcare Reform and the House has had their ideas to deal with as well. Unfortunately, though they seem to be trying to get to the same end, they do not always take the same path. As a result, the Senate has its own conversation and the House has its own conversation.

The House passed its version of Heathcare Reform – nearly 2,000 pages of it – and the Senate is now working on their version. Now both are talking about how high prescription drug rates have become. The reason for the talks: AARP has been following the increases in prescription rates and has found that the drug companies had increased the wholesale prices of prescription drugs at a rate of over 9% per year. With the economy in the drastic shape it is in and drug companies making record profits – over 50 billion dollars last year – it is a crime that drug companies continue to raise wholesale prices to the point that they are annually. Again, we are talking wholesale prices.

When you look at the cost that is passed on to the pharmacies and retailers, the only conclusion is that there is a cost that is passed on to the end users – many of whome cannot afford these increases.

Five members of Congress asked for an investigation into drug prices. Along with that there was a three-hour hearing. Drug industry wholesalers disagreed with AARP, while AARP stood by what they feel are the facts. In addition, Lawmakers from both sides of the aisle have the opportunity to discuss the issue.

At this time, drug companies are being asked to reduce their costs over a 10 year period, starting with 8 to 10% now. Everyone seems to be talking over one another, so there is still much to accomplish. However, at least now, everything is all out in the open and whether everyone disagrees or not does not matter. What matters will be the end result – which will hopefully lower prescription medication prices and make them more affordable to people who need them.
Discussions Regarding Drug Prices