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The Prescription Drug Pricing Problem

Thursday, March 11, 2021, 1:00 PM until 2:30 PM

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The average per capita spending on prescription drugs in the U.S. is $1000 and rising, while in other developed countries it is $600. Health Affairs points out: “To avoid reporting lower revenue and profits (due to the loss of patent protection on older drugs), drug manufacturers have been imposing large annual price increases, often 10 percent or more, on all drugs that remain protected by monopolies. The cumulative effect has been to double or triple the price of top-selling branded drugs such as Humira, Lyrica, Lantus, and many others. That is why US drug prices are the highest in the world.” Bill Corr, former Deputy Secretary of the Department of Health and Human Services, along with former Rep. Henry Waxman, has co-authored a major study of the problem of skyrocketing prescription drug prices and what can be done about it, which he will discuss. This event is brought to you by the Council of Former Federal Executives & Associates (COFFE) and LFV.