Sanders: Skyrocketing Generic Drug Prices Cost Taxpayers $1.4 Billion

[n2doc]

Thursday, December 17, 2015
WASHINGTON, Dec. 17 – Skyrocketing generic drug prices cost taxpayers an additional $1.4 billion over the last decade according to a new report from the Department of Health and Human Services’ inspector general, undertaken at the request of Sen. Bernie Sanders (I-Vt.) and Rep. Elijah Cummings (D-Md.), ranking member of the House Committee on Oversight and Government Reform.

Prices of top-selling generic drugs rose faster than inflation 22 percent of the time over the 10-year study. If a rebate had been applied on generic drugs rising faster than inflation Medicaid would have saved more than $700 million in 2013 and 2014 alone.

“It is unacceptable that Americans pay, by far, the highest prices in the world for prescription drugs. The United States is the only major country on earth that does not in one form or another regulate prescription drug prices and the results have been an unmitigated disaster. This report further demonstrates that we need a new approach to stop skyrocketing drug prices in this country,” said Sanders.

“The IG report confirms that skyrocketing drug prices are not just an isolated problem caused by one or two CEOs motivated by greed, but a systemic injustice that enriches corporate executives at the expense of Americans in desperate need of their medications. Unfortunately, House Republicans have not sent a single letter to a single drug company requesting a single document to investigate these abuses,” said Cummings.

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http://www.sanders.senate.gov/newsroom/press-releases/skyrocketing-generic-drug-prices-cost-taxpayers-14-billion-new-report-finds

[LiberalArkie]

1. No big deal, it is just the 99% helping out our poor 1% people.

[Enthusiast]

2. As long as the money flows to the top what's not to like?

[LiberalArkie]

3. We all know that as soon as they become trillionaires they will start helping the 99%