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.”
Washington, DC — Protect Our Care is releasing a new report detailing pharmaceutical companies’ sky-high revenues as they continue charging unaffordable prices to patients. In total, the 16 top companies reported $176.7 billion in total global revenue for the third quarter, and have rewarded shareholders by announcing dividend payments and stock buybacks totalling $26.8 billion. According to the report, the same big drug companies that are trying to block Medicare negotiation in court had more than $100 billion in revenue in Q3 alone.
Passed last year by President Biden and Democrats in Congress, the Inflation Reduction Act’s Medicare Drug Price Negotiation Program will finally give Medicare the authority to negotiate lower prices, making prescription drugs more affordable for millions of seniors. Big drug companies are talking in court about all the harm they will suffer from negotiations, but they’re telling investors the opposite and spending billions on rewarding their investors through stock buybacks and dividends, paying their executives millions, and spending millions lobbying to keep their prices high.
Key Points:
We followed the Q3 2023 earnings reports of 16 drug companies.
These 16 companiesreported $176.7 billion in total global revenue for the third quarter, and have announced dividend payments and stock buybacks totalling $26.8 billion.
The eight publicly traded drug makers of the first ten drugs selected for negotiation under the Inflation Reduction Act brought in more than $100 billion in the third quarter alone, and a total of $285 billion in the first nine months of 2023.
These eight drug companies have rewarded shareholders with nearly $20 billion in stock buybacks to date in 2023.
Contrary to their fearmongering to lawmakers and patients about diminished incentives to invest in innovation, top drug companies bragged to Wall Street about their investment in new, innovative drugs.
“Drug companies’ greed knows no bounds,” said Protect Our Care Chair Leslie Dach. “Our nation’s seniors depend on the savings from the Inflation Reduction Act so they don’t have to choose between filling their prescription and filling their refrigerator. Make no mistake: big drug companies are only trying to roll back the law to protect their outrageous profits.”
Washington, DC – Today, U.S. Representatives Joaquin Castro (D-TX-20) and Ruben Gallego (D-AZ-03) joined UnidosUS Action Fund and Protect Our Care for a press call discussing the importance of accessing lower healthcare costs through the ongoing Medicare and Affordable Care Act open enrollment periods, and how the Inflation Reduction Act is lowering health care costs for Latino families. During the call, UnidosUS Action Fund and Protect Our Care released a report detailing how the Inflation Reduction Act is benefiting Latinos nationwide.
According to the report, Latinos face disproportionately high adverse health outcomes with Latino seniors being the most likely to experience affordability challenges of any racial/ethnic group in America. The Inflation Reduction Act addresses this challenge by lowering the out-of-pocket cost of health coverage and prescription drugs, which will especially help Latinos who face barriers to care due to unaffordable costs.
The report also spotlights the states with the highest Latino populations, includingArizona, California, Florida, Nevada, New Mexico, and Texas. The report also details how half of the first ten drugs selected to have lower prices negotiated by Medicare are disproportionately taken by Latino Medicare enrollees.
“Last year, Congressman Gallego and I worked with our Democratic colleagues in the House and Senate to pass the Inflation Reduction Act, a historic investment in good jobs, affordable health care, and better lives for America’s families and seniors. More than a year later, the Inflation Reduction Act is capping prescription drug costs and lowering health care premiums for millions of Americans, especially in Latino communities that have disproportionately struggled with access to care,” said Representative Joaquin Castro (D-TX-20). “As we approach the final weeks of open enrollment, I strongly urge all Americans to visit Healthcare.gov and Medicare.gov and check out their coverage options today.”
“The report from Protect Our Care and UnidosUS underscores what we have long known: that the Inflation Reduction Act is saving Latinos in Arizona hundreds of dollars on health care,” said Representative Ruben Gallego (D-AZ-03). “Insulin is now capped at $35 a month, drug companies are finally being held accountable for their price gouging tactics, and even more savings are coming. I look forward to continuing my work to build on these improvements and lower prescription drug and health care costs for all Arizonans.”
“Increasing engagement between the Latino community and the benefits offered by programs like Medicare and the Inflation Reduction Act is imperative, not only to ensure the health of our communities but to our financial health and economic prosperity as a nation,” said Rafael Collazo, Executive Director of the UnidosUS Action Fund.
“I have lived with Type One Diabetes now for almost 28 years, so I have been through not having insurance, having to insulin ration – I understand those struggles,” said Yamelisa Taveras, founder of The Unidos Foundation. “I understand what our community needs, which is why I founded The Unidos Foundation. So seeing the huge changes, especially the insulin cap, I know that is something that benefits me personally, but it definitely benefits a great number of individuals who live within my community. These changes are necessary and we need to support them. ”
“The Inflation Reduction Act is a game-changer, especially for Latino families,” said Leslie Dach, Chair of Protect Our Care. “Between lowering premium costs for families, capping insulin costs and drug costs for seniors, penalizing drug companies for egregious price hikes, and giving Medicare the power to negotiate lower drug prices, the benefits of this historic legislation are already being seen across the nation. Thanks to President Biden and Democrats in Congress, not only will Latino seniors and families save thousands of dollars a year, but they will also be able to access the health care they need and deserve.”
“I was paying $780 in insurance, but that doesn’t include all my medicines for my asthma and I was not yet old enough to be on Medicare,” said Ana Valenzuela, Deputy Director of the Arizona LULAC. “Luckily, I was on Medicare when I was diagnosed with cancer. And eventually, the Inflation Reduction Act will limit my out-of-pocket spending to $2,000. The Inflation Reduction Act is really working for a lot of us. We need these programs that are really going to help our health care. Like President Biden said, ‘We are stronger as a Nation when we work together to lift everyone’s well-being.’”
Under Speaker Johnson’s Leadership, Republicans Will Continue Their Agenda of Hiking Drug and Health Insurance Costs, and Eliminating Crucial Protections for the American People
Washington, D.C. — Today, Protect Our Care is releasing a new national report holding Republicans accountable for putting profits over people in their ongoing war on health care during a press call headlined by U.S. Representative Frank Pallone, Jr. (D-NJ-06). Geoff Garin, president of Hart Research, also joined the call and presented recent polling showing how unpopular the Republican war on health care is with the American people.
In Washington and across the country, Republican legislators and Republican-leaning Courts are continuing to attack essential health care, disproportionately targeting people of color, seniors, rural populations, people with disabilities, and the LGBTQI+ community. Right now, Republicans are pushing health care plans that hike costs and trying to repeal the Inflation Reduction Act that lowered care and prescription drug costs for millions of Americans — all to put drug companies back in charge at the expense of seniors across the nation. Republicans rallied behind Rep. Mike Johnson, who has a long history of fighting to raise health care costs and rip away critical protections from the American people, as the newest Speaker of the House.
On the other hand, President Biden and Democrats in Congress continue to fight for the American people by working to build upon the Inflation Reduction Act and Affordable Care Act. Representative Pallone, joined by Representatives Neal, and Scott, has helped lead the way and introduced the Lowering Drug Costs for American Families Act which seeks to reduce prescription drug costs further for all Americans by expanding the drug price provisions to apply to private insurance, including price negotiation and inflation rebates.
Report Key Points:
Every Republican in the House and Senate voted against the Inflation Reduction Act which lowers health care costs for millions of Americans and has vastsupport from voters of all parties.
Big drug companies spent over $100 million trying to kill the Inflation Reduction Act, and they are spending even more to undermine the Medicare Drug Negotiation Program.
Republicans have released budget proposals that seek to repeal the Inflation Reduction Act’s Medicare negotiation program, hike premium costs, and impose deep cuts to Medicaid.
Republican-led states are moving far too quickly to throw people off of Medicaid without taking advantage of all the available tools to minimize coverage losses.
Republicans in Congress are pushing for bills that all promote insurance plans that eliminate protections for people with pre-existing conditions and do not include coverage of essential services like hospital visits and prescription drugs.
Republicans are leveraging their influence in a number of health care-related court cases such as Alliance for Hippocratic Medicine v. U.S. Food and Drug Administration, and Braidwood Management v. Becerra, as well as lawsuits filed by Merck, Bristol Myers Squibb, Johnson & Johnson-owned Janssen Pharmaceuticals, Boehringer Ingelheim, AstraZeneca, Novartis, and Novo Nordisk as well as mega lobbying groups The Pharmaceutical Research and Manufacturers of America (PhRMA) and the US Chamber of Commerce.
“We may have a new House Speaker, but Republicans are still trying to take away health care,” said U.S. Representative Frank Pallone, Jr. (D-NJ-06). “As today’s new report from Protect Our Care says, ‘Republicans’ position on health care is slash, sabotage, and repeal.’ Last night’s election results once again prove that Republicans are extremely out of touch. Democrats are unified in opposing Republicans’ extreme health care agenda and are focused on fighting to further lower health care and prescription drug costs for the American people.”
“Looking towards 2024, health care can play a very decisive role in how voters vote,” said President of Hart Research Geoff Garin. “A large majority of voters say health care will play a large role in deciding their vote and Democrats and President Biden have powerful accomplishments that are broadly supported by diverse groups of voters, including many Republicans. Republicans are in a world of hurt on this issue. The rejection of their policies on health care has deepened when you talk about not just the policies themselves, but the real-world impacts of those policies – how they affect people’s health and their ability to afford the drugs they need to stay healthy.”
“Republicans are pushing their radical MAGA health care plans that harm the American people,” said Protect Our Care Executive Director Brad Woodhouse. “The GOP will stop at nothing to raise health costs, eliminate critical protections just so the rich can get richer, even if it means leaving their own constituents behind. They want to go back to the status quo of Americans struggling to make ends meet due to outrageous health costs just to line the pockets of drug company CEOs and other billionaires. Some things never change: Republicans want a health care plan that would be disastrous for the well-being of hardworking people across our country.”
New Report Finds That If All States Achieved Results Like Those in the 10 Best States, 4.5 Million People Would Not Have Been Disenrolled from Medicaid for Paperwork Reasons
Washington, DC – Today, U.S. Representative and Congressional Black Caucus Chair Steven Horsford and U.S Representative and Congressional Asian Pacific American Caucus Member Jill Tokuda joined leaders of civil rights and health equity organizations including Protect Our Care for a press call releasing a new report detailing how six months after Medicaid’s pandemic-era continuous coverage requirement ended, millions of people in America are being needlessly disenrolled from critical health care coverage because of missed paperwork, creating an avoidable civil rights and health equity disaster.
According to the report, more people and more children have lost Medicaid in just six months of unwinding than during any two-year period in American history. The report estimates that more than half of families terminated from Medicaid come from communities of color, including 2.3 million Latinos, 1.8 million African Americans, 400,000 Asian Americans, Native Hawaiians and Pacific Islanders, and more than 400,000 Native Americans, During the call, speakers called on state leaders to halt procedural disenrollments until they make major reforms that cut such disenrollments to the lowest achievable level.
The report finds that 10 million people have been disenrolled from Medicaid – more than 70% of whom were terminated for nothing more than missing paperwork. If all states performed as well as the states with the lowest rates of procedural disenrollment, two-thirds of procedural terminations would have been prevented, and 4.5 million people would not have been terminated because of missing paperwork.
Last month, the Biden administration took an important step to address this crisis by requiring states to restore Medicaid to 500,000 people – mostly children – known to have been wrongly terminated. However, state leaders must make further major reforms to ensure that only people known to be ineligible are terminated from Medicaid.
The report is co-authored by the Asian and Pacific Islander American Health Forum, the Leadership Conference on Civil and Human Rights, NAACP, the National Council of Negro Women, the National Council of Urban Indian Health, the National Urban League, the Southern Poverty Law Center Action Fund, UnidosUS, the Coalition on Human Needs, and Protect Our Care.
“We cannot afford to roll back the hard-fought progress we have made on Medicaid, which has helped to narrow racial disparities in health coverage and provide much-needed access to life-saving care in communities of color,” said U.S. Representative Steven Horsford (D-NV-04), Chair of the Congressional Black Caucus. “As a result of Medicaid “unwinding”, nearly 1.8 million Black Americans’ Medicaid coverage has been terminated in the last six months because of missing paperwork, which will only exacerbate existing disparities in access to health care for communities that we serve. The CBC joins our Tri-Caucus colleagues in calling for states to significantly cut rates of procedural terminations by renewing eligible families’ coverage and placing terminations on hold where possible, and by ensuring that beneficiaries have the necessary tools to complete their paperwork needed to determine their eligibility.”
“This report shows what we feared: since the end of the Medicaid continuous coverage requirement, we’ve seen one of the largest losses of health insurance coverage in American history,” said U.S. Representative Nanette Barragán (D-CA-44), Chair of the Congressional Hispanic Caucus. “Millions of Americans, including almost 5 million Latinos, were able to access life-saving health insurance coverage because of the continuous coverage requirement. Now that the requirement has ended, millions of people and especially communities of color, are at risk of losing their health coverage. It’s critical that state leaders take all possible steps to minimize loss of coverage, including by pausing procedural disenrollments as soon as possible. We cannot allow more low-income communities to be left behind. While the Biden Administration has provided states guidance and flexibilities to address this crisis, states must do more to protect families from wrongfully losing Medicaid coverage.”
“As an executive board member of the Congressional Asian Pacific American Caucus and the co-chair of the bipartisan Rural Health Caucus, I know that access to health care is a matter of life and death for our communities of color across the country,” said U.S. Representative Jill Tokuda (D-HI-02), Member of the Congressional Asian Pacific American Caucus. “For too long, black and brown people have been disproportionally represented when it comes both to loss of Medicaid and negative health outcomes due to lack of health access. A majority of Hawaiʻi residents are AANHPI, and I have been particularly concerned about Medicaid redeterminations for our AANHPI communities. There is an ongoing need for in-language materials, community navigators, and outreach from trusted messengers to ensure AANHPI individuals can get the health services and resources they need and in a culturally competent manner. We need to meet patients where they are at. And in doing so, we can improve health outcomes and lower healthcare costs.”
“Advocates and lawmakers alike have been sounding the alarm about Medicaid Unwinding for over a year, urging states to lead and act promptly to preserve health coverage for millions of vulnerable families and children,” said Juliet K. Choi, President and CEO of the Asian & Pacific Islander American Health Forum. “Communities of color, including Asian Americans, Native Hawaiians and Pacific Islanders, are losing life-saving care due to administrative blunders and bureaucracy. We continue to call upon the Biden-Harris administration to act, and on states to mobilize the resources necessary to make sure no family or child is left behind.”
“It is a sad reality that it took a global pandemic for our nation’s elected leadership to expand life-saving healthcare services to hardworking Americans,” said Derrick Johnson, NAACP President & CEO. “The fact of the matter is, our healthcare system has long failed our most vulnerable. This data is further proof that the procedural disenrollment process is steeped in racism. We will not stand by while millions within our community are once again left without a lifeline. The NAACP stands with UnidosUS and other leading civil rights organizations to call for an immediate pause on all procedural Medicaid disenrollments. Our state leaders must make every effort to re-enroll those who have lost coverage, leveraging available data to verify eligibility or providing readily accessible support to complete the paperwork needed to confirm eligibility.”
“The COVID-19 pandemic laid bare inequities in our healthcare system that have plagued the nation, particularly communities of color, for decades,” said Shavon Arline-Bradley, President and CEO of the National Council of Negro Women. “The termination of Medicaid benefitting our children, seniors, and qualified individuals prioritizes procedure over progress. While some states have gotten it right, we call on those states and their lawmakers that have allowed wrongful Medicaid disenrollment to not sit idly by while the constituents that elected them to office go without the critical care they need and deserve. As this comprehensive report shows, the state of health care is in crisis, and this must be reversed immediately.”
“The Medicaid redetermination is proving to be perilous for communities of color, who are disproportionately losing coverage for red tape reasons,” said Marc H. Morial, President and CEO of the National Urban League. “We support the Biden-Harris administration’s actions to enforce the law and call on states to do more to protect their people from becoming uninsured.”
“We are witnessing the deepest and steepest losses in Medicaid insurance coverage in our nation’s history,” said Eric Rodriguez, Senior Vice President, Policy and Advocacy at UnidosUS. “Many have been dropped from Medicaid due to nothing more than missing paperwork and red tape. Communities of color — including 2.3 million Latinos — are bearing the brunt of those losses, making health care unaffordable for them and deepening already serious health inequities across the country. The report finds that most of those that have lost Medicaid health insurance coverage may have still been eligible and that despite having the funds, state leaders did not invest the money needed to protect families from being unjustly dropped from the program.”
“It is unacceptable that millions of Americans are losing life-saving health care because of preventable paperwork issues,” said Leslie Dach, Founder and Chair of Protect Our Care. “Many of the states that are failing to keep people covered, like Texas, Georgia, and Florida, are the same ones that have rejected Medicaid expansion, leaving families with no place to turn for basic health care. If those states continue on the path of refusing to protect families who rely on Medicaid coverage, the consequences will be devastating, particularly for communities of color and children. Losing access to health care means people won’t get the care they need to stay healthy and thrive, often having to make difficult choices between visiting the doctor or keeping a roof over their heads. While the Biden administration has taken a number of important steps to address this crisis, these states must do more to protect families and stop inappropriately kicking people off Medicaid.”
“The nation’s Medicaid program is vital to the health and well-being of individuals and communities,” said Margaret Huang, president and CEO of the Southern Poverty Law Center and the SPLC Action Fund. “It is incredibly alarming that nearly 10 million people — including millions of children — have been terminated from this program largely because of unnecessary red tape. These ‘procedural’ terminations cause harm, especially to communities of color and children. They also deepen the current healthcare crisis in our Deep South states that have not yet expanded the program. Driving hundreds of thousands of people into not having health coverage is unacceptable and states must do more.”
“It is extremely troubling that some states are dropping huge numbers of people from their Medicaid programs because of bureaucratic hurdles, without even knowing whether they remain eligible,” saidDeborah Weinstein, Executive Director of the Coalition on Human Needs. “States with records so much worse than better-performing states should be required to pause terminations while they improve their systems.”
“The report highlights the disproportionate impact Medicaid unwinding is having on Native communities,” said Francys Crevier (Algonquin), CEO of the National Council of Urban Indian Health. “Medicaid and CHIP coverage are critical to fulfilling the United States’ trust responsibility to maintain and improve Native health, as inadequate insurance coverage is a significant barrier to healthcare access for Native people. Eligible Native children and families are losing coverage for administrative reasons and the federal government has a trust obligation and must do more to protect them.”
“Medicaid pandemic coverage protections were a lifeline for people who struggled to pay all their bills, helping them to see a doctor if they were sick, or get other vitally necessary health care,” said Maya Wiley, president and CEO of The Leadership Conference on Civil and Human Rights. “Since pandemic coverage expired six months ago, we’ve seen the steepest Medicaid coverage losses in history. Make no mistake. Losing Medicaid coverage is losing that lifeline. Those losses have been disproportionately borne by the communities our coalition represents, including people of color, people with disabilities, children, older adults, low-wage workers, and so many others. This deepens and compounds unfair differences in who can and who can’t get the medical care they need. We urge state leaders to do everything in their power to keep eligible folks covered and prevent further catastrophe that is a deep problem for a country that once made great strides on civil rights.”
Washington, DC — Today, Protect Our Care announced the release of a new report on five drugs that may be selected for the initial round of negotiations through the Medicare Drug Price Negotiation Program during a press call headlined by U.S. Senator Peter Welch (D-VT). Tahir Amin, Co-Founder and Co-Executive Director of the Initiative for Medicines, Access & Knowledge, Robert Roach, Jr., President of the Alliance for Retired Americans, and Andrea Harris, Director of Policy Programs of Protect Our Care also joined the call to discuss the importance of giving Medicare the power to negotiate lower drug prices.
Big drug companies are now turning to the courts to try to dismantle the Negotiation Program because they didn’t get their way after spending a record $372 million lobbying Congress in 2022. Drug company giants Merck and Bristol Myers Squibb, as well as mega lobbying groups, PhRMA, and the US Chamber of Commerce, have sued the federal government in an effort to stop Medicare from negotiating lower prescription drug prices and giving seniors the breathing room they need. Republican lawmakers have also introduced legislation to repeal the prescription drug provisions of the Inflation Reduction Act in order to line the pockets of drug company executives and raise costs on patients.
“The pricing power of Pharma has been abused, absolutely, from beginning to end,” said U.S. Senator Peter Welch (D-VT). “This question about prescription drugs is really about affordability: things that people need every day, they can’t afford. The price negotiation legislation that President Biden signed is finally going to give a tool to Medicare to do what every other government agency does – stand up for fair prices for prescription drugs. Folks need to be able to afford prescription medications. And we’re not going to let Pharma sue their way out of this achievement that has been long overdue.”
“Prescription drug spending has tripled since 2000 to nearly $400 billion today, and is poised to expand further 50 percent within the next 10 years,” said Tahir Amin, Co-Founder and Co-Executive Director of the Initiative for Medicines. “This increase is fueled mostly by branded drugs which make up just eight percent of prescriptions but account for 84 percent of all drug spending in the United States. We cannot continue to pay these prices, and that’s why the Inflation Reduction Act and the provisions that will curb some of these excesses that the drug companies have been able to develop through patenting games is so important.”
“Our members know when a law truly changes people’s lives,” said Robert Roach, Jr., President of the Alliance for Retired Americans. “And President Biden’s Inflation Reduction Act does that in a number of ways. Because the law penalizes corporations that increase the price of a drug faster than inflation, Americans who take 43 prescription drugs will save between $1 and $499 per average dose. That’s real results.”
“For far too long, big drug companies have exploited their market power, making drugs unaffordable for seniors and costing taxpayers tens of billions of dollars,” said Andrea Harris, Director of Policy Programs of Protect Our Care. “Protect Our Care’s new report shines a light on why the Inflation Reduction Act’s Medicare Drug Price Negotiation Program is so desperately needed to fix this broken system.”
“While the Biden administration is working tirelessly to implement Medicare negotiation and deliver savings to seniors, pharmaceutical companies and their Republican allies are doing everything in their power to protect their outrageous profits,” said Leslie Dach, Chair of Protect Our Care. “Republicans are trying to repeal the Inflation Reduction Act, and major pharmaceutical companies are in court trying to take away Medicare’s power to negotiate lower prices. Fortunately, we have a president who will ensure everyone can afford the medicines they need.”
Washington, DC — Ahead of the release of the final guidance for the Medicare Drug Price Negotiation Program from the Biden-Harris administration, Protect Our Care is releasing a new report that provides a detailed look at five drugs that will likely qualify for the first round of negotiations, demonstrating the importance of finally allowing Medicare to negotiate lower drug prices. The five drugs are:
Enbrel which is sold by Amgen to treat arthritis and plaque psoriasis. Enbrel has seen a 346% price increase since 2008.
Ibrance which is sold by Pfizer to treat breast cancer. It cost $181,663 for an annual supply of Ibrance in 2022.
Imbruvica which is sold by AbbVie to treat Leukemia and Lymphoma. The average annual out-of-pocket cost for Imbruvica was $7,118 in 2020.
Januvia which is sold by Merck to treat Type 2 Diabetes. Januvia made $49.9 billion in global revenue.
Xarelto which is sold by Johnson & Johnson to treat blood clots. Medicare has spent $25 billion on Xarelto since its launch.
Together, the Medicare program incurred total spending of $16.69 billion in 2021 alone for these five drugs. These drugs have high list prices and list price increases over time that far exceed inflation. Imbruvica has an annual list price tag of $197,486; Ibrance is priced at $181,663 per year. Enbrel’s price is $82,001 per year, which has grown by 346% since 2008. These prices translate into billions in sales for drugmakers. For example, Medicare has spent nearly $28 billion on Januvia since 2010 and $15.4 billion on Enbrel since 2010.
Big drug companies protect their profits by exploiting the patent system to extend the length of time their drugs are on the market without generic or biosimilar competitors. AbbVie, for example, has filed 195 patent applications for Imbruvica to thwart competition, extending its patent protection for an additional 5.3 years and yielding $13.8 billion in revenue. Amgen has extended patent protections for Enbrel by 13.6 years, protecting $55 billion in revenue.
After voting against lowering drug prices, reducing health care premiums, capping insulin costs, and improving care for seniors and people with disabilities in the Inflation Reduction Act, it is no surprise that Republicans and big drug companies are now attacking it in Congress and the courts. Pharmaceutical giants Merck and Bristol Myers Squibb, as well as mega lobbying groups, PhRMA and the US Chamber of Commerce, are filing meritless lawsuits to protect their profits and stop the administration from negotiating lower drug prices. MAGA Republicans in Congress have introduced legislation to repeal the Inflation Reduction Act’s prescription drug provisions and revoke the savings for millions.
“For far too long, Big Pharma has held unchecked power to charge whatever they wanted for prescription drugs, and patients have been forced to skip doses and choose between their health and putting food on the table,” said Leslie Dach, Chair, Protect Our Care. “Patients deserve affordable care and the Inflation Reduction Act keeps that promise. Thankfully, President Biden and Democrats are committed to lowering drug costs and delivering savings to those who need it most.”
“These five drugs tell the story of Big Pharma’s greed at the expense of seniors and taxpayers,” said Andrea Harris, Director of Policy Programs, Protect Our Care. “They lost the lobbying battle against reducing drug prices for seniors by negotiating lower prices, and now they are doing everything in their power to stop the law from helping patients who are cutting pills and skipping doses. The Medicare Drug Price Negotiation Program is finally ending the age of Big Pharma’s unchecked power to charge whatever they want for drugs.”
Washington, DC — Protect Our Care is releasing a new national report exposing pharmaceutical companies’ latest ploy to protect their sky-high profits at the expense of patients. Thanks to the Inflation Reduction Act, the Biden administration is now putting in place the Medicare Drug Price Negotiation Program that will finally give Medicare the authority to negotiate lower prices, making prescription drugs more affordable. Big Pharma is continuing its false claims to lawmakers that this program will undermine innovation and discourage the development of new medications, while telling Wall Street that they are enthusiastic about U.S. pharmaceutical innovation and research and development opportunities.
Key Points:
American patients pay up to 4 times more for the same drugs as patients in other wealthy countries.
Despite blaming the negotiations for terminating new drug development, many drug companies are telling investors they are bullish on innovation and continue to invest in research and development following the passage of the Inflation Reduction Act.
The nonpartisan Congressional Budget Office estimates just a 1% decrease in the development of new drugs over the next 30 years as a result of the Medicare Drug Price Negotiation Program.
Even when the negotiation program is fully implemented, the United States will remain the most generous payer in the world for drugs.
“Big Pharma’s greed knows no bounds telling the public one thing and investors another,” said Protect Our Care Chair Leslie Dach. “Our nation’s seniors are depending on the savings from the Inflation Reduction Act, and Big Pharma is trying to roll back the law simply to protect their profits. Big Pharma’s claims are bogus and should be rejected.”
House Republicans Continue To Double Down on Their Efforts to Rip Away Lifesaving Care
New York, NY — Today, at 11:30 AM EST, U.S. Representative Pat Ryan (NY-18) will join Protect Our Care New York and executive director of The Hudson Valley National Center for Veteran Reintegration Kevin Keaveny to discuss House Republicans’ “Default on America Act,” legislation, and its impact on health care for millions of veterans across the country.
Today, Protect Our Careunveiled a new report detailing exactly how veteran’s health care would be impacted if the Republican Default on America Act were to become law. The report found that under the GOP bill, millions of veterans, including the 225,400 who receive their health care services in New York, would face:
An over-22 percent slash to health care funding
30 million fewer outpatient visits
81,000 jobs lost across the Veterans Health Administration
A backlog of 134,000 claims
$565 million in cuts earmarked for major construction projects, including critical upgrades to clinics and hospitals
Speakers will discuss the report, and how the Republican plan would gut resources for the Veterans Administration and disproportionately harm veterans of color, disabled veterans, low-income veterans, and veterans facing homelessness in New York and across the United States.
Speakers will also discuss proposed cuts to Medicaid andother vital services, including mental health and substance use treatment, maternal care, cancer research and more.
PRESS CALL:
WHO: U.S. Representative Pat Ryan (NY-18) Kevin Keaveny, Hudson Valley National Center for Reintegration Nate Jackson, Protect Our Care New York
Washington, D.C. — Ahead of President Biden’s meeting with congressional Republicans on default negotiations, Protect Our Care is releasing a new national report exposing the dire consequences of Republicans’ proposed cuts to veterans’ health care. The GOP’s ‘Default on America’ Act slashes veterans’ health care funding by 22 percent, threatening to rip health care away from millions of veterans. Under the GOP bill, veterans would face:
30 million fewer outpatient visits
81,000 jobs lost across the Veterans Health Administration
A backlog of 134,000 claims
$565 million in cuts earmarked for major construction projects, including critical upgrades to clinics and hospitals
The Republican bill also seeks unprecedented cuts to Medicaid and other vital services, including for mental health and substance use, maternal care, cancer research and more.
“Not only does the House Republican default bill threaten to rip away health care from 21 million people who rely on Medicaid, but it also cuts veterans’ health care by 22 percent,” said Protect Our Care Chair Leslie Dach. “The cuts to veterans’ care would be disastrous and an insult to those who risked their lives to keep us safe, threatening millions of patients’ access to care. As always, the GOP has one goal in mind: rip away benefits and deny people access to health care in order to support the wealthiest Americans.”
Protect Our Care also released fact sheets in the following states:
Watch the Event Here.
