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GREED WATCH: AstraZeneca Announces Strong Quarterly Results of $11.4 Billion in Revenue

AstraZeneca announced it raked in $11.4 billion this quarter – a 17 percent increase over last year excluding COVID-19 medicines – during their earnings report today. While they make billions, Americans pay exorbitantly high prices for prescription drugs. AstraZeneca opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Pascal Soriot bragged about the company’s strong performance, and when he was asked about the impact of the Inflation Reduction Act on AstraZeneca’s business, he said that for cancer drugs and expensive oral medicines, the law’s reductions in out of pocket costs for Medicare patients are “a big positive.” Meanwhile, Soriot says that reduced profits due to the Drug Price Negotiation Program will lead the company to delay selling certain medicines in the U.S.
  • AstraZeneca’s asthma and COPD drug Symbicort is among the drugs with the highest spending under Medicare Part D, totaling $1.95 billion in spending in 2021 alone. It is likely to be selected for the new Medicare Drug Price Negotiation Program in 2026 or 2027.
  • Drug companies charge Americans prices up to four times higher than prices in other countries, forcing patients to cut pills and skip doses to make ends meet. 
  • Over 80 percent of voters support giving Medicare the power to negotiate, making it the most popular provision in the Inflation Reduction Act. 

The Inflation Reduction Act brings down prescription drug costs for everyday Americans, especially seniors, by capping the price of insulin, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs.  

Read more about why Medicare needs the power to negotiate lower drug costs and the five drugs that tell the story here.

THIS WEEK: “Lower Cost, Better Care” Bus Tour Kicks Off With Stops in New Hampshire, New York, and Pennsylvania

U.S. Sen. Kirsten Gillibrand (D-NY), Lt. Gov. Antonio Delgado (D-NY), Lt. Gov. Austin Davis (D-PA), and More Will Headline “Lower Costs, Better Care” Events in Three States

Watch All Bus Tour Stops Live Here.

Washington, D.C. — On the first week of Protect Our Care’s 8,000-mile “Lower Costs, Better Care” bus tour, “Care Force One” will make stops in three states to demonstrate how recent victories by President Biden and Democrats in Congress are already “Driving Down Health Care Costs” by thousands of dollars a year — with even more savings on the way. During the events, speakers will discuss how the Inflation Reduction Act and other recent health care victories will improve care and lower costs for the American people. Over four weeks, Care Force One will travel to more than 16 states, make more than 30 stops, and travel nearly 8,000 miles

The “Lower Costs, Better Care” tour promotes the work of lawmakers who are fighting tirelessly to improve health care and hold Republicans accountable for trying to roll back this progress and hike costs and rip away protections from the American people. While drug companies and Republican lawmakers are doing everything in their power to roll back this progress in order to put profits over people.

MONDAY

MANCHESTER, NEW HAMPSHIRE:

WHO:
State Senate Minority Leader Donna Soucy
Jennifer Coffey, cancer survivor and health care advocate
Laura Lynch, health care advocate
Zandra Rice Hawkins, Granite State Progress
Laura Packard, cancer survivor and health care advocate

WHERE: Veterans Memorial Park: 723 Elm St, Manchester, NH 03101

WHEN: Monday, July 31, 2023 at 11 AM EDT

PORTSMOUTH, NEW HAMPSHIRE

WHO:
State Senator Rebecca Perkins Kwoka
State Representative Robin Vogt
Stefany Shaheen, diabetes advocate
Zandra Rice Hawkins, Granite State Progress
Laura Packard, cancer survivor and health care advocate

WHERE: Prescott Park: 105 Marcy St, Portsmouth, NH 03801

WHEN: Monday, July 31, 2023 at 2 PM EDT

TUESDAY

SYRACUSE, NEW YORK: 

WHO:
NY State Senator John Mannion
NY State Senator Rachel May
Helen Hudson, health care storyteller
Bill Spreter, Alliance for Retired Americans
Katelyn Kriesel, Manlius Town Councilor
Laura Packard, cancer survivor and health care advocate 

 WHERE: Clinton Square: 161 Genesee St, Syracuse, NY 13202

WHEN: Tuesday, August 1, 2023 at 10 AM EDT

KINGSTON, NEW YORK: 

WHO:
Lt. Gov. Antonio Delgado (D-NY)
State Sen. James Skoufis
Jen Metzger, Ulster County Executive
Deborah Scarborough, health care advocate
Laura Packard, cancer survivor and health care advocate 

WHERE: Academy Green Park: 238 Clinton Ave, Kingston, NY 12401

WHEN: Tuesday, August 1, 2023 at 3:30 PM EDT

WEDNESDAY

VALHALLA, NEW YORK:

WHO:
State Senate Majority Leader Andrea Stewart-Cousins
State Senator Pete Harckham
State Senator Shelley Mayer
State Senator Gustavo Rivera
Former U.S. Representative Mondaire Jones (D-NY-17)
Laura Packard, cancer survivor and health care advocate 

WHERE: TBD

WHEN: Wednesday, August 2, 2023 at 10:30 AM EDT

NEW YORK, NEW YORK:

WHO:
U.S. Senator Kirsten Gillibrand (D-NY)
Regina McBride, storyteller
Pastor Sean Wills, storyteller
Laura Packard, cancer survivor and health care advocate 

WHERE: Outside Senator Gillibrand’s Office: 780 Third Ave, NY, NY 10017

WHEN: Wednesday, August 2, 2023 at 2 PM EDT

THURSDAY

WILKES-BARRE, PENNSYLVANIA:

WHO:
Rachna Saxena
Laura Packard, cancer survivor and health care advocate

WHERE: Kirby Park: 160 Market St, Wilkes-Barre, PA 18704

WHEN: Thursday, August 3, 2023

PHILADELPHIA, PENNSYLVANIA:

WHO:
PA State Rep. Tarik Khan
Antoinette Kraus, Executive Director of the Pennsylvania Health Access Network (PHAN)
Laura Packard, cancer survivor and health care advocate 

WHERE: TBD

WHEN: Thursday, August 3, 2023 at 3 PM EDT

FRIDAY

CONNELLSVILLE, PENNSYLVANIA:

WHO:
PA Lt. Gov. Austin Davis
County Commissioner Vince Vicites
Erin Gabriel (PHAN)
Laura Packard, cancer survivor and health care advocate

WHERE: TBD

WHEN: Friday, August 4, 2023 at 9:30 AM EDT

 

Protect Our Care’s Care Force One will make stops in: 

Manchester, New Hampshire on Monday, July 31, 2023
Portsmouth, New Hampshire on Monday, July 31, 2023
Syracuse, New York on Tuesday, August 1, 2023
Kingston, New York on Tuesday, August 1, 2023
Valhalla, New York on Wednesday, August 2, 2023
New York City, New York on Wednesday, August 2, 2023
Scranton, Pennsylvania on Thursday, August 3, 2023
Philadelphia, Pennsylvania on Thursday, August 3, 2023
Connellsville, Pennsylvania on Friday, August 4, 2023
Youngstown, Ohio on Monday, August 7, 2023
Toledo, Ohio on Tuesday, August 8, 2023
Lansing, Michigan on Tuesday, August 8, 2023
Eau Claire/La Crosse, Wisconsin on Wednesday, August 9, 2023
Milwaukee/Madison, Wisconsin on Thursday, August 10, 2023
St. Paul, Minnesota on Friday, August 11, 2023
Las Vegas, Nevada on Monday, August 14, 2023
Bakersfield, California on Tuesday, August 15, 2023
Los Angeles, California on Tuesday, August 15, 2023
Orange County, California on Wednesday, August 16, 2023
Palm Springs, California on Wednesday, August 16, 2023
Phoenix, Arizona on Thursday, August 17, 2023
Tucson, Arizona on Thursday, August 17, 2023
Albuquerque, New Mexico on Friday, August 18, 2023
Columbus, Georgia on Monday, August 21, 2023
Atlanta, Georgia on Monday, August 21, 2023
Charlotte, North Carolina on Tuesday, August 22, 2023
Greensboro, North Carolina on Tuesday, August 22, 2023
Raleigh, North Carolina on Wednesday, August 23, 2023
Norfolk, Virginia on Wednesday, August 23, 2023
Richmond, Virginia on Thursday, August 24, 2023
Wilmington, Delaware on Thursday, August 24, 2023

For more information on Protect Our Care’s “Lower Cost, Better Care” tour, click here.

58 Years Later: Medicare and Medicaid Are Only Getting Stronger as President Biden and Congressional Democrats Lower Costs for Seniors Nationwide

Washington, DC -— On July 30, 1965, President Lyndon B. Johnson signed Medicare and Medicaid into law, improving the well-being of millions of Americans and saving countless lives along the way. President Biden and Democrats in Congress delivered the Inflation Reduction Act to strengthen Medicare and lower costs for millions of seniors and people with disabilities. By capping insulin copays at $35 per month, providing free vaccines, and stopping drug companies’ egregious price hikes, the new legislation is already working for people on Medicare. Soon, seniors’ drug costs will be capped at $2,000 annually, and Medicare will finally be able to negotiate lower drug prices. Already, research shows that people on Medicare are more likely to fill their insulin prescriptions thanks to the new law. 

Democrats stopped radical Medicaid cuts proposed by Republicans in Congress and are fighting to close the coverage gap in the 10 remaining states that continue to reject Medicaid expansion. To mark the anniversary weekend, Protect Our Care Executive Director Brad Woodhouse issued the following statement:

“The 58th anniversary comes during a historic moment for Medicare and Medicaid, which have served as the foundation of our entire health care system for nearly six decades. President Biden and Democrats in Congress have been laser-focused on lowering costs and improving health care for those who need it most, including families on Medicaid, seniors, and people with disabilities. It is important to celebrate where these programs stand after years of Republican attacks. They’ve fought to cut both programs, raise costs on seniors, and throw hardworking families off of their coverage. GOP lawmakers in 10 states are still playing politics with people’s lives by rejecting Medicaid expansion, and Republicans in Congress are trying to repeal all of the Inflation Reduction Act’s drug pricing measures. It speaks to the strength of these programs that, despite the Republican war on health care, Medicare and Medicaid are stronger than ever.” 

The Inflation Reduction Act By the Numbers

  • 13 million Americans are saving on their health insurance premiums keeping over 2 million Americans insured and saving an average of $2,400 per family.
  • 52 million Medicare beneficiaries will no longer face Big Pharma’s outrageous price hikes that outpace inflation.
  • Medicare beneficiaries pay no more than $35 for insulin copays 
  • 19 million people with Medicare will save an average of $400 thanks to the Inflation Reduction Act’s $2,000 annual cost caps. 
  • 80 of the most expensive prescription drugs will have lower prices because of Medicare negotiations by 2030.

GREED WATCH: AbbVie Announces $13.87 Billion in Revenue

AbbVie announced during their earnings report today that it raked in $13.87 billion in revenue this quarter. While they make billions, Americans pay exorbitantly high prices for prescription drugs. AbbVie opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, AbbVie President & COO Rob Michael said he expects the company to meet its growth targets as the Inflation Reduction Act goes into effect: “… we feel good even with IRA although it does have an impact — has impacted everyone in the industry, we can still deliver on our long-term growth expectations.”
  • Drug companies charge Americans prices up to four times higher than prices in other countries, forcing patients to cut pills and skip doses to make ends meet. 
  • Over 80 percent of voters support giving Medicare the power to negotiate, making it the most popular provision in the Inflation Reduction Act. 

The Inflation Reduction Act brings down prescription drug costs for everyday Americans, especially seniors, by capping the price of insulin, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs.  

Read more about why Medicare needs the power to negotiate lower drug costs and the five drugs that tell the story, including AbbVie’s Imbruvica, here.

GREED WATCH: Bristol-Myers Squibb Announces $11.2 Billion in Revenue and $4 Billion in Stock Buybacks

Bristol-Myers Squibb announced during their earnings report today that it raked in $11.2 billion this quarter. While they make billions, Americans pay exorbitantly high prices for prescription drugs. Bristol-Myers Squibb opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Giovanni Caforio bragged that “given our confidence in our future, this morning we also announced our intention to execute a $4 billion accelerated share repurchase in the third quarter.” 
  • Bristol-Myers Squibb announced it is rewarding its shareholders with $4 billion in stock buybacks over the next quarter. 
  • Bristol-Myers Squibb is suing the Biden administration to stop Medicare from negotiating lower drug prices for patients because it would endanger their massive profits. 
  • Drug companies charge Americans prices up to four times higher than prices in other countries, forcing patients to cut pills and skip doses to make ends meet. 
  • Over 80 percent of voters support giving Medicare the power to negotiate, making it the most popular provision in the Inflation Reduction Act. 

The Inflation Reduction Act brings down prescription drug costs for everyday Americans, especially seniors, by capping the price of insulin, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs.  

Read more about why Medicare needs the power to negotiate lower drug costs and the five drugs that tell the story. 

GREED WATCH: GSK Announces Stronger Than Expected Profits Increase

GSK announced it raked in $8.98 billion this quarter in sales and is on track for higher than expected operating profit growth of 11 to 13 percent. While they make billions, Americans pay exorbitantly high prices for prescription drugs. GSK opposed the Biden administration reforms that lower prescription drug prices. 

  • During the call, CEO Emma Walmsley bragged about the company’s rapid revenue growth saying “For 2023, we now expect to deliver sales growth of 8% to 10% and adjusted operating profit growth of 11% to 13%”
  • GSK’s drug Trelegy has seen its sales increase by over 30 percent this quarter, almost single handedly growing their General Medicines portfolio by 10 percent. Trelegy is among the top drugs with the highest Medicare spending, and is likely to be selected for negotiation in the coming years. GSK charges Americans over $3,800 annually for Trelegy – over 2.5 times what Canadians have to pay – to have this life saving medicine. 
  • Drug companies charge Americans prices up to four times higher than prices in other countries, forcing patients to cut pills and skip doses to make ends meet. 
  • Over 80 percent of voters support giving Medicare the power to negotiate, making it the most popular provision in the Inflation Reduction Act. 

The Inflation Reduction Act brings down prescription drug costs for everyday Americans, especially seniors, by capping the price of insulin, giving Medicare the power to negotiate lower drug prices, and limiting the amount people have to pay each year for prescription drugs.  

Read more about why Medicare needs the power to negotiate lower drug costs and the five drugs that tell the story here

BREAKING: Democrats Unveil New Bill to Build on Inflation Reduction Act’s Provisions to Lower Drug Costs for the American People

Washington, DC — Today, House Democrats introduced a bill to build on the Inflation Reduction Act’s historic measures to lower prescription drug prices. The Lowering Drug Costs for American Families Act would increase the number of drugs subject to Medicare negotiation, extend inflation rebates to the private insurance market so drug prices don’t rise faster than inflation, and expand the savings from Medicare negotiation to Americans with private insurance, not just those covered by Medicare.

The new legislation comes as the Biden administration is working to implement the Inflation Reduction Act’s Medicare negotiation program. On September 1, the administration will release the first list of drugs for Medicare negotiations. While President Biden and Democrats in Congress are keeping up the fight to lower costs for American families, big drug companies and their Republicans allies are trying to move backwards by going to court and introducing legislation to stop Medicare from negotiating at all. The bill was introduced by Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-NJ), Ways and Means Committee Ranking Member Richard E. Neal (D-MA), and Education and the Workforce Committee Ranking Member Robert C. “Bobby” Scott (D-VA).

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

“Once again, Democrats are tackling the issues that matter most to Americans worried about the high cost of health care. Americans pay up to four times more for the same drugs as people in other countries, forcing people to cut pills in half or skip doses altogether. The Inflation Reduction Act has been a remarkable step forward to rein in Big Pharma’s greed, cap drug costs for seniors, and finally give Medicare the power to negotiate lower prices. More than 80 percent of Americans support the Inflation Reduction Act’s Medicare negotiation program, making it one of the most popular policies in recent history. It’s time to expand these savings to even more families no matter where they get their insurance.”

TODAY: U.S. Rep. Don Beyer, National Domestic Workers Alliance, Healthcare Storytellers to Join Protect Our Care Virginia to Discuss Biden Administration’s Efforts to Lower Rx Drug Costs Ahead of Upcoming Medicare Drug Negotiations

***MEDIA ADVISORY FOR WEDNESDAY JULY 26 at 9:30 AM EDT***

New Report Breaks Down Virginians’ Savings from Inflation Reduction Act 

Washington, D.C. — On Wednesday, July 26 at 9:30 AM U.S. Representative Don Beyer (D-VA-08) will join Protect Our Care Virginia to discuss the Biden-Harris administration’s next steps in implementing the Inflation Reduction Act’s Medicare Drug Price Negotiation Program. The administration released the final guidance outlining the process for negotiation, and by September 1, the ten drugs that are selected for the first round of price negotiations will be announced.

Speakers will also discuss a new fact sheet from Protect Our Care outlining how the Inflation Reduction Act reduces health care costs for Virginians— with even more savings on the way as the law’s provisions to give Medicare the power to negotiate and cap seniors’ prescription drug costs take effect. The new fact sheet follows new polling that shows the health care measures in the Inflation Reduction Act are the most popular in the entire bill.

This event comes as Republicans and big drug companies are attacking the Inflation Reduction Act in Congress and the courts. Pharmaceutical giants Merck, Bristol Myers Squibb, Astellas Pharma, and Johnson & Johnson-owned Janssen Pharmaceuticals, as well as the industry’s trade association PhRMA, are laser-focused on undermining the Inflation Reduction Act by filing lawsuits to protect their profits and stop the administration from negotiating lower drug prices. Big Pharma’s GOP allies in Congress have already introduced legislation to repeal the Inflation Reduction Act’s prescription drug provisions, which would increase drug costs for millions of seniors.

PRESS CALL:

WHO:
U.S. Representative Don Beyer (D-VA-08)
National Domestic Workers Alliance State Director Yanet Limon-Amado
Protect Our Care Virginia State Director Katie Baker
Medicare Storyteller Irv Varkonyi

WHAT: Virtual Press Conference

WHERE: Register to join the Zoom event (Registration required)

WHEN: Wednesday, July 26 at 9:30 AM EDT

###

BREAKING: New Report Shows Top Five Pharmaceutical Companies Raked in More Than $80 Billion In 2022

News Comes as Big Drug Companies Are in Court to Overturn Inflation Reduction Act’s Medicare Negotiation Program

Washington, DC — A new report from Accountable US shows that the five largest pharmaceutical companies (Eli Lilly, Johnson & Johnson, Merck, AbbVie, and Pfizer) raked in $81.9 billion in 2022 — an $8 billion increase from the previous year. In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement:  

“Pharmaceutical greed knows no bounds. Right now, Americans are cutting pills and skipping doses because they can’t afford the prescription drugs that keep them alive. While drug companies continue to rake in record profits, they are crying wolf saying that any policy to make drugs more affordable for patients will harm innovation. Some of the top-earning drug companies are the same companies that are going to court to reverse the Inflation Reduction Act’s Medicare negotiation program, which would make prescription drugs more affordable for our nation’s seniors. It’s a complete disgrace that drug companies continue to put massive profits over a little bit of relief for seniors.”

TODAY: Representative Greg Stanton to Join Protect Our Care Arizona to Discuss Biden Administration’s Efforts to Lower Rx Drug Costs Ahead of Upcoming Medicare Drug Negotiations

***MEDIA ADVISORY FOR TUESDAY, JULY 25 at 10 AM MST // 1 PM EDT***

Thanks to the Inflation Reduction Act, Arizonans Are Saving on Health Care Costs

Phoenix, AZ – On Tuesday, July 25 at 10 AM MST // 1 PM EDT, U.S. Representative Greg Stanton (D-AZ-04) will join Protect Our Care Arizona, experts, and advocates to discuss the Biden-Harris administration’s next steps in implementing the Inflation Reduction Act’s Medicare Drug Price Negotiation Program. The administration released the final guidance outlining the process for negotiation, and by September 1, the ten drugs that are selected for the first round of price negotiations will be announced.

Speakers will also discuss a new fact sheet from Protect Our Care outlining how the Inflation Reduction Act reduces health care costs for Arizonans— with even more savings on the way as the law’s provisions to give Medicare the power to negotiate and cap seniors’ prescription drug costs take effect. The new fact sheet follows new polling that shows the health care measures in the Inflation Reduction Act are the most popular in the entire bill.

This event comes as big drug companies are attacking the Inflation Reduction Act in Congress and the courts. Pharmaceutical giants Merck, Bristol Myers Squibb, Astellas Pharma, and Johnson & Johnson-owned Janssen Pharmaceuticals, as well as the industry’s trade association PhRMA, are laser-focused on undermining the Inflation Reduction Act by filing lawsuits to protect their profits and stop the administration from negotiating lower drug prices. Big Pharma’s allies in Congress have already introduced legislation to repeal the Inflation Reduction Act’s prescription drug provisions, which would increase drug costs for millions of seniors.

PRESS CALL

WHO:
U.S. Representative Greg Stanton (D-AZ-04)
Will Humble, Executive Director, Arizona Public Health Association
Dora Vasquez, Executive Director, Arizona Alliance for Retired Americans
Kathy Saulsberry, Arizona Patient, and Health Care Advocate 

WHAT: Virtual Press Conference

WHEN: Tuesday, July 25 at 10 AM MST // 1 PM EDT

WHERE: Register to join the Zoom event (Registration required)