Greedy Trial Lawyer
Thank You, Congress, For Doubling The Prices Of Drugs
Category: Gaming The System
The New York Times is running a story today that reminds us who is really running our government. Remember when Congress included in the new Medicare Drug Program a prohibition against government negotiation with drug companies over the price of drugs? Well, the New York Times reports this restriction now means Medicare drug plans pay twice what the Department of Veterans Affairs (with its ability to negotiate prices) pays for the same prescription drugs.
Drug Prices Up Sharply This Year
Prices of the most widely used prescription drugs rose sharply in this year's first quarter, just as the new Medicare drug coverage program was going into effect, according to separate studies issued yesterday by two large consumer advocacy groups....prices charged by drug makers for brand-name pharmaceuticals jumped 3.9 percent, four times the general inflation rate during the first three months of this year and the largest quarterly price increase in six years.
Price increases for some of the most popular brand-name drugs were much steeper; the sleeping pill Ambien was up 13.3 percent, and the best-selling cholesterol drug, Lipitor, was up 4.7 to 6.5 percent, depending on dosage.
Some health care economists said the price increases, if they continued, could have a devastating effect on the new Medicare drug program.
Ron Pollock, the executive director of Families USA, offered another way to gauge the federal impact. The Federal Department of Veterans Affairs, which is able to negotiate prices with pharmaceutical makers, is paying 46 percent less for the most popular brand-name drugs than the average prices posted by the Medicare plans for the same drugs, Mr. Pollock said.
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