Sen. Bernie Sanders and President Biden teamed up on Wednesday at the White House, celebrating the strides they have made in reducing the financial burden on Americans with asthma, particularly in terms of the cost of inhalers and other related expenses.
Both Mr. Biden and Sanders have urged Congress and pharmaceutical companies to take stronger action in order to rein in prices.
President Biden expressed his gratitude towards Bernie for their joint effort in combating the challenges posed by big Pharma over the course of 25 years. Reflecting on their relentless fight, the president emphasized the recent victory, stating, “Finally, finally we beat big Pharma. Finally. I’m serious.” He further expressed his pride in his administration’s groundbreaking initiatives against the pharmaceutical industry, acknowledging that it wouldn’t have been possible without Bernie’s unwavering support and collaboration.
President Biden and Senator Sanders are actively pressuring drug companies to address the exorbitant prices of inhalers. In addition, the president is taking steps to limit the cost of insulin to just $35. Earlier this year, Sanders and several Democratic colleagues voiced their concerns regarding the significantly higher prices of inhalers in the U.S. compared to other countries. Specifically, AstraZeneca, GSK, Teva Pharmaceuticals, and Boehringer were criticized for their pricing practices. Since then, one inhaler manufacturer has abandoned its patents, and three of the largest manufacturers have committed to capping the monthly cost of inhalers at $35 for many patients, as confirmed by a White House official.
The Federal Trade Commission is taking action to challenge the legitimacy of drug product patents, including inhalers, with the aim of reducing prices and fostering greater competition.
According to Sanders, in November, the FTC took action against drug companies that engage in manipulative tactics to prevent affordable generic drugs, such as asthma inhalers, from entering the market. Sanders commends the FTC for standing up to these companies and believes that this victory is not limited to inhalers alone.
According to the president, the individual who discovered insulin made a deliberate decision not to patent it, as their intention was to ensure its accessibility for everyone.
In a positive update, Sanders shared on Wednesday that progress is being made by the Biden administration and Democrats in Congress, despite the significant wealth and political influence of the pharmaceutical industry. Sanders highlighted the astonishing fact that the industry boasts over 1,800 highly paid lobbyists in Washington, D.C. Nonetheless, he expressed optimism about the strides being taken to address the issue.
According to Sanders, the majority of Americans will only have to pay $35 at the pharmacy counter for the inhalers they buy.
According to Mr. Biden and Sanders, Americans are burdened with higher costs for prescription drugs compared to any other advanced nation in the world. In fact, they often pay two to three times more for the same medications. As an example, Mr. Biden highlighted a specific company that charges customers $9 for inhalers in Germany, while in the U.S., the price escalates to $286. This stark difference amounts to more than 30 times the original cost. It is worth noting that over 27 million people in the U.S. suffer from asthma, as reported by the Asthma and Allergy Foundation of America.
Sanders has been a vocal supporter of establishing a national single-payer health insurance program, while Mr. Biden has prioritized reducing healthcare expenses both during his presidency and in his bid for reelection. In his State of the Union address last month, President Biden urged Congress to take action to lower healthcare costs, a point echoed by Sanders in his recent remarks. With the ongoing issue of high inflation negatively impacting Americans’ purchasing power, the administration is actively working to decrease prescription drug prices.
In a recent statement, Sanders emphasized that despite the progress made thus far, there is still more work to be done. He believes that by joining forces, we can confront the excessive greed of the pharmaceutical industry and make a significant reduction in the prices of prescription drugs in America. Ultimately, this will lead to a decrease in healthcare costs across the country.
