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In News

GREED WATCH: Pfizer, Seagan, Endo Among Greediest Drug Companies Hiking Prices Faster Than Inflation Throughout 2023

Prices for 10 Drugs Increased Faster Than Inflation Every Quarter in 2023  

This year, drug companies have hiked the prices of hundreds of lifesaving prescription drugs faster than inflation, forcing Americans to decide between needed medication and basic necessities — all while these big drug companies make billions and pay their CEOs tens of millions. 

Thanks to the Inflation Reduction Act, championed by President Biden and Democrats (and opposed by every Republican) in Congress,  Medicare is better than ever and seniors are protected from outrageous price increases through a new Drug Inflation Rebate Program that requires drug companies that increase prices faster than inflation to pay a rebate to Medicare, saving seniors up to $2,786 per dose on their coinsurance. 

The requirement took effect for Medicare Part B drugs in 2023, and since January, 10 drugs have increased prices faster than inflation every single quarter. These drugs treat life-threatening conditions like infections, blood clots, low white blood cell counts, cancer, hormone conditions, rare diseases, and complications from chemotherapy and kidney transplants. Pfizer is the worst offender when it comes to constantly increasing prices faster than inflation: it manufactures 4 of the 10 drugs with these quarterly price hikes and just acquired Seagan, a company that manufactures a fifth drug on the list. 

Several of the worst offending companies ratcheting up prices for patients also pay their CEOs tens of millions per year.

BIG DRUG COMPANIES INCREASE PRICES WHILE CEO PAY SOARS

  • Throughout 2023, Medicare Part B coinsurances were reduced for 47 drugs because their manufacturers raised prices faster than inflation during one or more quarters.
  • Manufacturers of 10 drugs, including Pfizer, Seagan, and Endo, increased prices faster than inflation every single quarter since the program started. 
  • Pfizer, which manufactures four of the 10 drugs with above-inflation price increases each quarter, paid CEO Albert Bourla $33 million in 2022, a 36% raise over 2021.
  • Seagan, which manufactures one of the 10 drugs with above-inflation price increases each quarter, paid its three CEOs in 2022 $57.5 million, $36.4 million, and $32.8 million.
  • Endo, which manufactures one of the 10 drugs with above-inflation price increases each quarter, paid its CEO Blaise Coleman $29 million in 2021 and paid out more than $55 million in secretive bonuses to executives in 2022 just before the company filed for bankruptcy.

Ten Drugs Saw Costs Rise Faster Than Inflation Consistently Throughout 2023. For decades, big drug companies have been launching new drugs at sky-high prices and continuously raising prices faster than inflation, hurting the individuals reliant on them all while making record profits. The Inflation Reduction Act requires drug companies to pay Medicare rebates if their drug prices rise faster than inflation, and those rebates are passed on as savings to seniors. Over the course of 2023, 47 drugs had adjusted coinsurance rates after raising prices faster than inflation. Starting on January 1, 2024, 48 drugs will have reduced Medicare Part B coinsurance because their prices increased faster than inflation in the last quarter of 2023. Medicare beneficiaries will save as much as $2,786 per dose thanks to the Inflation Reduction Act’s Drug Inflation Rebate Program.

Out of these 48 drugs, ten drugs have had coinsurance amounts adjusted down by Medicare Part B every quarter since the program took effect.

Table 1: Manufacturers of Medicare Part B Drugs with Adjusted Coinsurance Each Quarter 

Drug Indication Manufacturer
Akynzeo Chemotherapy-Induced Nausea Helsinn Therapeutics (U.S.), Inc.
Atgam Kidney Transplant Pfizer
Bicillin CR Infection Pfizer
Bicillin L-A Infection Pfizer
Fragmin Blood Clots Pfizer
Leukine Low White Blood Cell Count Partner Therapeutics, Inc.
Minocin Infection Melinta Therapeutics, LLC
Padcev Cancer Seagan (now owned by Pfizer)
Signifor LAR Hormone Conditions Recordati Rare Diseases
Xiaflex Dupuytren’s Contracture and Peyronie’s Disease Endo International PLC

Pfizer Manufacturers Four of the Ten Prescriptions – and Just Acquired a Fifth Drug – With the Highest Cost Increases on the List, Despite Raking In Billions and Paying its CEO $33 Million in 2022. Four of the ten drugs with prices that rose faster than inflation every quarter are manufactured by Pfizer. These price increases immediately follow Pfizer’s record-breaking financial performance in 2022 when the company reported over $100 million in revenue for the first time in its 174-year history. Just last month, CEO Albert Bourla, who made $33 million in 2022, bragged about the company’s “strong performance” and “the underlying strength and breadth of our scientific pipeline.” While they ratchet up prices to pad their profits, Americans pay exorbitantly high prices for prescription drugs. Pfizer is a member of the Pharmaceutical Research and Manufacturers of America (PhRMA), which is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits.

1 In 3 American Adults Report Being Unable To Take Their Medications As Prescribed Due To High Costs. According to KFF, 1 in 3 American adults report being unable to take their medication as prescribed, demonstrating how high and rising drug prices are negatively impacting health outcomes for Americans struggling with affordability challenges. Existing racial and ethnic economic disparities place additional pressures on racial and ethnic minorities and make it even more challenging to keep up with drug prices rising faster than inflation.

Background

The Inflation Reduction Act has also brought down the cost of prescription medications for seniors on Medicare by capping insulin costs at $35 per month, providing free vaccines, and allowing Medicare to negotiate drug prices directly with pharmaceutical companies. This is just the beginning: In 2024, seniors with the highest drug costs will see their out-of-pocket costs capped at about $3,300 per year, and in 2025, all seniors’ total drug costs will be capped at $2,000 per year. In 2026, new savings from Medicare’s drug price negotiation will take effect. Together, these provisions will save seniors thousands of dollars on prescription drugs. These policies lower costs and improve access to care, which are essential for improving the health and well-being of millions of Americans nationwide.

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In News

Biden Administration Announces Seniors Will Save Thanks to Inflation Reduction Act Rebates

Washington, D.C. — Today, the Biden administration announced that dozens of drug companies will be required to pay a rebate to Medicare because they raised prices faster than the rate of inflation. In total, 48 drugs under Medicare Part B hiked prices faster than inflation in the last quarter of 2023, and now the rebate payments are expected to save seniors who take these drugs up to $2,786 per dose. This afternoon, President Biden is expected to provide an update on implementing the Inflation Reduction Act and lowering drug costs for seniors across the nation, including savings from inflation rebates, the $35 monthly cap on insulin, and free vaccines. The president will also highlight how these policies are saving nearly 15 million patients an average of $800 per year on their health insurance premiums. 

“Thanks to the Biden administration, the Inflation Reduction Act is lowering drug costs for seniors and families across the nation,” said Protect Our Care Chair Leslie Dach. “Gone are the days when drug companies could raise prices higher than inflation any time they wanted to and without consequence. Now, seniors and taxpayers are saving billions of dollars, and fewer seniors will have to choose between the drugs they need and the drugs they can afford. Meanwhile, Republicans are fighting to repeal all of the Inflation Reduction Act’s drug pricing provisions and savings for families. President Biden stood up to the greed of big drug companies and won, and families are seeing the benefits.” 

The Biden administration also announced a new policy to ensure the best value for taxpayers by establishing a fair pricing standard for medical products purchased by the Administration for Strategic Preparedness and Response. Additionally, the administration released a new report on the first 10 drugs selected for Medicare negotiation under the Inflation Reduction Act. Seven of the 10 drugs used taxpayer dollars during development and the rate of growth in spending for these 10 drugs was more than 3 times as fast as for all Part D drugs over the same period. 

These announcements follow a long line of actions the Biden-Harris administration has taken to reduce prescription drug and health care costs for the American people. The Inflation Reduction Act lowered drug prices for millions of seniors by capping insulin costs at $35 per month, limiting outrageous price hikes, and making essential vaccines free for people on Medicare. Soon, total out-of-pocket drug costs will be capped at $2,000 per year for seniors and lower drug prices from Medicare negotiation will take effect. Together, these measures could save seniors thousands of dollars on their health care. 

At the same time, Republicans in Congress are fighting to roll back this progress and repeal the Inflation Reduction Act’s historic measures to lower drug prices for seniors. Repealing these policies would cost seniors billions of dollars — only putting money back in the pockets of big drug companies. 

Background:

President Biden’s Health Care Accomplishments Tracker 

ashoup
In News, Report, Research

NEW REPORT: “A Dark Cloud Over U.S. Drug Approval” – How FDA Approvals Could Be Thrown Into Chaos Post-Mifepristone Case

Read the Full Report Here.

Washington, D.C. — Following the announcement that the Supreme Court will hear Alliance for Hippocratic Medicine v. U.S. Food and Drug Administration next term, Protect Our Care is releasing a new report that describes what is at risk if the Supreme Court sets the precedent of allowing courts to overrule the FDA’s drug approval decisions. The report provides a detailed look at the categories of drugs that could be most at risk from ideological opponents and friendly judges. 

Earlier this year, Judge Matthew Kacsmaryk invalidated the FDA’s approval of mifepristone and the 5th Circuit Court of Appeals severely restricted access to mifepristone, but the Supreme Court stayed this decision. A decision to ban mifepristone would threaten millions of women’s access to safe and legal abortions and open the door for the politically motivated destruction of the entire drug approval process.

The report explains if the Supreme Court opens the door, the public could lose access to other critical and lifesaving health care such as:

  • other abortion and contraception products
  • common vaccines opposed by anti-vaxxers
  • drugs and vaccines that were developed with fetal cell lines, including ones that protect against Hepatitis A
  • vital treatments for gender-affirming care and HIV prevention
  • innovative cell and gene therapies
  • embryonic stem cell research
  • investments into future treatments with the potential to treat or cure diseases like Parkinson’s, cancer, and diabetes

“A dark cloud looms over the drug approval and development processes as the Supreme Court weighs allowing politics to trump science,” said Leslie Dach, chair of Protect Our Care. “If the lower courts’ decisions stand, any third party with a political agenda can challenge a medication they object to, and judges could ignore expert opinions and arbitrarily rip away lifesaving drugs and vaccines from patients who rely on them.  The entire FDA approval process would be thrown into chaos and millions of people across the nation would suffer.”

ashoup
In News

On the 4th Day of Repeal, The GOP Took From Me…

On the 4th day of repeal, the GOP took from me: free preventive care.

The Affordable Care Act (ACA) created access to free preventive care for millions of Americans across the nation. Under the ACA, health plans must cover preventive services — like vaccinations, cancer screenings, contraception, and mammograms – at no cost to consumers. The Inflation Reduction Act expanded this access to include free critical vaccines for seniors, such as shingles and pneumonia. Access to preventive care has improved health outcomes, reduced economic inequity, and saved families money by preventing serious diseases that lead to costly treatments.

If either of these historic laws gets repealed, millions of Americans could once again have to pay for preventive care. Not only are Republicans in Congress advocating for this, but conservatives have taken to the courts to dismantle this core protection. 

In March, a Texas District Judge struck down a provision of the ACA that requires insurers to cover lifesaving preventive services without cost sharing in a politically-driven effort to dismantle the ACA, brought by longtime foes of abortion rights, women’s health, LGBTQI+ rights, and affordable health care. If this ruling stands, it puts millions at the mercy of insurance companies and employers, who could eliminate the benefits entirely or start charging for them, increasing costs for patients by thousands of dollars a year and creating major obstacles to care.

Read More:

The MAGA Republican War on American Health Care

As Savings Soar Ahead of First Anniversary of Inflation Reduction Act, Republicans Threaten Repeal

Trump Vows to “Never Give Up” MAGA-Republican Efforts to Repeal the Affordable Care Act, Ripping Health Care Away From Millions

Court Approves Agreement on Partial Stay in Braidwood Case

ashoup
In News, Report, Research

Reps. Judy Chu and Barbara Lee Discuss How the Inflation Reduction Act is Benefiting Asian Americans Nationwide

Read the Full Report Here. 

Watch the Full Event Here.

Washington, DC — Today, Congressional Asian Pacific American Caucus Chair (CAPAC) Judy Chu (CA-28) and CAPAC Healthcare Task Force Co-Chair Barbara Lee (CA-12) joined Protect Our Care and the Asian & Pacific Islander American Health Forum to discuss how the Inflation Reduction Act is benefiting Asian American, Native Hawaiian, and Pacific Islander (AA and NHPIs) communities across the nation. By lowering health care premiums and prescription drug prices, the Inflation Reduction Act is making care more affordable for AA and NHPIs, and addressing longstanding disparities in access to care and health outcomes. 

Efforts to make health care more affordable and accessible are particularly important for AA and NHPIs, who have historically faced greater barriers to achieving and maintaining optimal health. The 25.2 million Asian Americans and 1.5 million Native Hawaiians and Pacific Islanders living in the U.S. have long been more likely to suffer from chronic health conditions like kidney failure, heart disease, and hypertension, and Asian American seniors are more likely than their white counterparts to report difficulty affording prescription medications. During the call, speakers will discuss how the Inflation Reduction Act is working to benefit AA and NHPIs, and other actions President Biden is taking to ensure everyone has the health care they need to thrive. 

“I was so proud to work with my Democratic colleagues in Congress to pass the Inflation Reduction Act, landmark legislation to lower the costs of health care and prescription drugs and make real, tangible differences in the lives and livelihoods of people across the nation,” said U.S. Representative Judy Chu (CA-28), Congressional Asian Pacific American Caucus Chair. “With the findings from today’s report by Protect Our Care and Asian & Pacific Islander American Health Forum, we can now confirm how AANHPIs, who disproportionately suffer from certain chronic health conditions and diseases like hypertension, diabetes, and heart failure, have benefited from the law’s provisions. I look forward to future collaboration with my colleagues and outside advocates to ensure no one in America faces the prospect of going without necessary health care or prescription drugs because of exorbitant cost.”

“It’s been over a year since House Democrats successfully fought to pass the Inflation Reduction Act, and we’re starting to see the vast benefits in communities across the country—especially to our health care system,” said U.S. Representative Barbara Lee (CA-12), Congressional Asian Pacific American Caucus Healthcare Task Force Co-Chair. “Thanks to this report by Protect Our Care and APIA Health Forum, we can see just how much the IRA is lowering the health care and prescription drug costs for AANHPI families, especially those in California. I thank Chairwoman Chu for her leadership in the AANHPI community, and look forward to continuing our work together.”

“The Inflation Reduction Act includes significant provisions that alleviate barriers to health care for communities like ours,” said Juliet K. Choi, President and Chief Executive Officer of the Asian & Pacific Islander American Health Forum. “We are proud to be able to present results today that prove when we put communities’ needs first, we are stronger and healthier together. But this is just the start. With continued partnerships, from the national level to community, we can progress toward a more sustainable and equitable future.”

“The Inflation Reduction Act is a game-changer, especially for Asian American, Native Hawaiian, and Pacific Islander families,” said Leslie Dach, Chair of Protect Our Care. “Between lowering premium costs for families, and driving down drug costs for people on Medicare, the benefits of this historic legislation are already being seen across the nation. Thanks to President Biden and Democrats in Congress, not only are Asian American, Native Hawaiian, and Pacific Islander seniors and families saving thousands of dollars a year, but they are also better able to access the health care they need and deserve.”

ashoup
In News

BREAKING: SCOTUS Takes Up Mifepristone Case That Threatens to Disrupt Entire Drug Approval Process

Washington, DC — Today, the Supreme Court of the United States announced it will hear Alliance for Hippocratic Medicine v. U.S. Food and Drug Administration next term. Earlier this year, Judge Matthew Kacsmaryk invalidated the FDA’s approval of mifepristone and the 5th Circuit Court of Appeals severely restricted access to mifepristone, but the Supreme Court stayed this decision. The case threatens safe and legal abortion access and would create chaos in the FDA drug approval process by allowing any judge to overrule the evidence-based and scientific approval of medications. 

Watch Protect Our Care’s event with legal and public health experts discussing the dangers of this case here.

In response, Protect Our Care Chair Leslie Dach issued the following statement: 

“This case threatens the entire U.S. drug approval process and puts the health of Americans at risk. The stakes couldn’t be higher for millions of patients across the nation. If the lower courts’ decisions are allowed to stand, any judge could overturn the FDA’s world-class drug approval process, ripping away access to safe, effective, and lifesaving drugs. It would create chaos in our drug approval process.” 

ashoup
In News

On the 3rd Day of Repeal, The GOP Took From Me…

On the 3rd day of repeal, the GOP took from me: Medicaid expansion.

With Medicaid currently serving over 92 million Americans, the largest enrollment in history, this program has never been more important to the lives of everyday Americans. Research confirms that Medicaid expansion saves lives and drastically reduces racial health disparities as well as improves financial security for families and helps local economies thrive.  According to the Center on Budget and Policy Priorities, Medicaid expansion saved the lives of 19,200 older adults aged 55 to 64 between 2014 and 2017. Cancer deaths have dropped more in states that accepted Medicaid coverage under the ACA than in states that have held out, and expansion has also been tied to fewer heart-related deaths. 

Medicaid expansion has been a critical part of working towards the goal of every American having access to affordable and quality health insurance, but Republicans in 10 states have not yet implemented expansion of the program, blocking millions from coverage and access to essential health care. Often Republicans know that Medicaid Expansion would be the best program for their state, but continue to refuse to expand it or, in some states, will try to implement a milquetoast replacement program.

If Republicans get their way and repeal the Affordable Care Act, more than 22 million people across the nation will lose coverage. 

Read More:

The MAGA Republican War on American Health Care

As Savings Soar Ahead of First Anniversary of Inflation Reduction Act, Republicans Threaten Repeal

Trump Vows to “Never Give Up” MAGA-Republican Efforts to Repeal the Affordable Care Act, Ripping Health Care Away From Millions

Republicans’ Threats to Medicaid Are A Clear and Present Danger

ashoup
In News, Press Call

PRESS CALL: Reps. Judy Chu and Barbara Lee to Join Protect Our Care and APIAHF to Release Report on How the Inflation Reduction Act is Benefiting Asian Americans

***MEDIA ADVISORY FOR WEDNESDAY, DECEMBER 13 AT 4:15 PM ET***

Washington, DC — On Wednesday, December 13, 2023, at 4:15 PM ET, Congressional Asian Pacific American Caucus Chair (CAPAC) Judy Chu (CA-28) and CAPAC Healthcare Task Force Co-Chair Barbara Lee (CA-12) will join Protect Our Care and the Asian & Pacific Islander American Health Forum to discuss how the Inflation Reduction Act is benefiting Asian Americans, Native Hawaiians, and Pacific Islander (AA and NHPIs) communities across the nation. By lowering health care premiums and prescription drug prices, the Inflation Reduction Act is making care more affordable for AA and NHPIs, and addressing longstanding disparities in access to care and health outcomes. 

Efforts to make health care more affordable and accessible are particularly important for AA and NHPIs, who have historically faced greater barriers to achieving and maintaining optimal health. The 25.2 million Asian Americans and 1.5 million Native Hawaiians and Pacific Islanders living in the U.S. have long been more likely to suffer from chronic health conditions like kidney failure, heart disease, and hypertension, and Asian American seniors are more likely than their white counterparts to report difficulty affording prescription medications. During the call, speakers will discuss how the Inflation Reduction Act is working to benefit AA and NHPIs, and other actions President Biden is taking to ensure everyone has the health care they need to thrive. 

PRESS CALL:

WHO:
U.S. Representative Judy Chu (CA-28), Congressional Asian Pacific American Caucus Chair
U.S. Representative Barbara Lee (CA-12), Congressional Asian Pacific American Caucus Healthcare Task Force Co-Chair
Juliet K. Choi, President and Chief Executive Officer of the Asian & Pacific Islander American Health Forum
Leslie Dach, Chair of Protect Our Care

WHAT: Virtual Press Conference 

WHERE: Register for the Event Here

WHEN: Wednesday, December 13, 2023, at 4:15 PM ET

ashoup
In News

On the 2nd Day of Repeal, The GOP Took From Me…

On the 2nd day of repeal, the GOP took from me: rural hospitals.

If the Affordable Care Act gets repealed, Medicaid expansion will be eliminated, threatening vital funding for rural hospitals nationwide. Medicaid expansion provides key support for rural hospitals and, in states that haven’t expanded Medicaid, rural hospitals are drowning under financial pressure. Low occupancy rates, high levels of uncompensated care, competition with other hospitals, and struggling local economies create a financial burden that rural hospitals face all over the country. 

Republicans continue to block Medicaid expansion in 10 states, keeping millions from accessing coverage and essential health care. Since 2005, more than 150 rural hospitals have closed, including 20 closures in 2020 alone. In 2023, over 600 rural hospitals are at risk of closing in the near future, and it is estimated that if those hospitals shut down, 99,000 health care jobs in rural communities will be lost. If the GOP gets their way, rural hospitals will be left without critical funding, turning a bad problem into a worse one. 

Read More:

The MAGA Republican War on American Health Care

As Savings Soar Ahead of First Anniversary of Inflation Reduction Act, Republicans Threaten Repeal

Trump Vows to “Never Give Up” MAGA-Republican Efforts to Repeal the Affordable Care Act, Ripping Health Care Away From Millions

Medicaid Works For Rural Americans

ashoup
In News

House Republicans Push Needs of the American People Aside to Focus on Bogus Impeachment Agenda

Washington, D.C. — House Republicans have announced their intent to launch a formal impeachment inquiry into President Biden. Under the extreme leadership of Mike Johnson, House Republicans are pursuing impeachment instead of prioritizing kitchen table issues like efforts to lower health care costs. In this year alone, President Biden and Democrats in Congress have made incredible progress to lower costs and ensure millions more Americans have the health care they deserve. This includes key provisions of the Inflation Reduction Act taking effect that save seniors hundreds of dollars on their health care costs, making affordable coverage available for new moms and children, and fighting Republican efforts to slash Medicaid. Meanwhile, Republicans have vowed to repeal the ACA and overturn the Inflation Reduction Act. Read more about President Biden’s health care accomplishments here and the Republican war on health care here. 

In response, Protect Our Care Protect Our Care Chair Leslie Dach issued the following statement:

“House Republicans have the wrong priorities and are completely out of step with the American people. Instead of tackling the issues like access to affordable health care, House Republicans are focused on an evidence free impeachment. This isn’t about helping the American people – it’s about helping one person: Donald Trump.”

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