Pharmaceutical CEOs testify before Senate panel on drug prices | full video
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- Опубликовано: 7 фев 2024
- Chief executives from three major pharmaceutical companies are testifying before the Senate health committee on Thursday on drug prices. Johnson & Johnson CEO Joaquin Duato, Merck CEO Robert Davis and Bristol Myers Squibb CEO Chris Boerner are appearing before the panel chaired by Vermont Sen. Bernie Sanders.
#news #senate #pharma
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If Americans are buying more we should be paying less than other countries.
Just a few months ago, while traveling through Türkiye, I had to refill a prescription (lost in baggage) for a statin drug. The charge for a 30 day fill of the drug in the US is around $400 and $190.00 for a generic version. The same exact drug in its original packaging (not a generic) was $9.00 in Turkiye without insurance. I explained this to the pharmacist in Türkiye and she was shocked! She mentioned that the $9.00 would have been around $0.25 with their national healthcare plan that everyone gets. Healthcare in the US is just a rip-off!
The regulatory burden in the USA is easily 100x what it is in Turkey. The average cost to qualify a drug for sale in the USA is $1.3 Billion and it takes upwards of a decade. The regulations in Turkey are extremely simple and it only takes a few years to get through.
Because of that, most other countries have more options, more price competition, and lower prices.
@@getinthespace7715 , But this is a 30-40 year old medicine and has had multiple patent updates to keep the price high. I researched it and found out that the initial R&D cost was also mostly covered by the NIH, so the pharma company is just getting a free ride. I would assume that the $1.3 Billion mentioned includes $1Billion in lobbying and "entertainment" costs.
Why does it cost so much to qualify a drug in the USA?
@Mark-yq6lv , LOTS of hoops to jump through. All the non-human and human clinical trials, lots of research dollars. Paying top level researchers and medical professionals to do all this stuff, not to mention lawyers, etc. takes a long time and costs a fortune. Lots of hoops to jump through with the FDA.
@@getinthespace7715 Including the research done by NIH?
Bernie - thank you .
To me, the Pharma panel sounds equally disgusted by themselves and suave in supporting their heinous pricing.
Lower prices for sure, but most of us can't even get the medication, we need because of shortages.
Should've had them questioned on the Opioid shortages.
No mention as to why DEA is cutting production yr after yr.
The FDA BLOCKED approval of generic opioid pain relievers in the USA. It was 100% a political decision.
Tbf, less opiates can only be a good thing.
They are dangerous, addictive and commonly misprescribed
if so, why have overdoses increased over 600% and prescriptions are at an all time low? That is not so, for patients who suffer life long pain . What is unsafe is NOT to prescribe opioids for Chronic Pain. That is torurous and that would be unconstitutional. Chronic Pain is wearing on the body, causes decline in functioning, cognitive decline, increased aging and ALSO medical trauma-PTSD. I am waiting to hear them talk about the fact that medicines are not even available at the pharmacy.
I wonder if this will make it into tonight's news , probably not 😢
a profit incentive isnt the only way for a society to determine allocating resources to something is worthwhile.
*Sure, there is MOB rule...oh I mean Democracy...*
IF! America was really interested in helping people pay for the medicines they need, it wouldn't have to take a continuous meeting for this to happen. Why not just MAKE IT HAPPEN!!
hahahahaha....American helping people?....hahahaha.
Love the wonderful monopoly part at the end. Brilliant.
Sen. Cassidy stumbled through that opening like he never even read his script.
*Benito Mussolini would LOVE BERNIE*
Sanders truth 😢
that ‘r’ saved boerner’s childhood.
Bernie thank you
US is the most litigious country in the world. Senator, will you commit today to passing meaningful tort reform to lower the cost of healthcare? Didn’t think so
The most significant cost is regulatory burden. on average it costs 1.3 billion to develop a new drug and takes 10-15 years to develop and qualify the drug for sale in the USA. Patents only protect for 20 years so companies need to recover the costs of development in the first 5-10 years of sale before generics become available and prices are cut below what can recover development costs of the drug.
That would open the door for cases in other industries to do the same! And what you would see is people getting out of the business because it no long make sense! They don't have to do it. They have enough money to pivot into a new industry! Then what? You going start making the drugs! LoL
@@getinthespace7715 actually its R&D to even get it to the FDA trials. You find this out with BIOtech firms. Just go look at there financials it will take 5 mins if you can read the financial statements. But you need the that safeguards in place. Its funny because people against vaccine use this for one of the reasons against the vaccine because it didn't go through all the test. Even though they don't believe in the FDA and etc. I think the government needs to subsidize drugs that aren't otc. That will solve the problem! That will also create a watch program. They will know who is abusing drugs. They do this for education. They need to do it for healthcare. Mark cuban has a venture for drugs.
Thank you, Senator Bernie Sanders ❤ The U.S. taxpayers pay for R&D, yet, charged outrageous costs...
Try voting for honest people, people that say the victims of lacking medical care never really went to a fancy gingerbread home in the sky.
Vote for honest people, it would really be therapeutic even.
Hey, there's over 5 million subscribers to this channel. Why is there only 20,000 views on this video?
because its the same old stuff.
corporations, however. They all pay a flat federal tax rate of 21%, regardless of their profit-a change introduced in 2017 as part of former US president Donald Trump’s corporate tax cuts. Previously they had brackets, too, up to 35%.
Had to quit watching this shat show. I spend $859 every 3 months for Eliquis out of pocket every every 3 months. The CEO of Bristol Myers made 52 million dollars last year. The next 7 employees under him make between 7 and 15 million per year. It's a rip off big time. The pharmaceutical industry has 3 well paid lobbyists in Washington for each senator and Congressman. Three for each one. It's ridiculous and nothing but greed. Worse than Enron.
It costs on average $1.3 Billion to qualify a Drug for sale in the USA and generally takes 10-15 years to develop a new drug. patents only provide 20 years of protection. so drug companies need to recover a majority of their 1.3 Billion in development cost in 5-10 years.
Pfizer and Bristol Myers sued to block generic versions and won, so they won't have until 2026 to recover costs, or make a profit off Eliquis. After 2026 expect the cost to be at least 10x less.
The high regulatory burden is what forces costs through the roof. New drugs in the USA cost a fortune because of the corrupt regulatory structures.
Price gouging of pharmaceutical drugs makes no sense to me. If you as a company charge medications so much that many potential customers can't afford them, then how are you going to make money off those medications in the long-term with only the wealthy top percentage of the population being able to afford them? I feel The U.S. Federal Government needs to have some form of price control to ensure that consumers don't pay an absurd amount for prescriptions compared to other developed countries. If a bottle of pills in say Germany costs $6.00, that same bottle of pills shouldn't cost more then 50% extra here in The U.S., which would be $9.00 in this case. I'm not saying pharmaceutical companies don't deserve to make profit for their research & development, but they shouldn't be able to charge insane prices for their life saving products that most uninsured Americans can't afford.
They make their money through health insurance premiums.
Drugs are expensive = people buy more expensive health insurance = money makes it back into their hands behind their backs 🤷🏻
With the advent of credit cards making it easy to get a loan, it doesn't matter how expensive the drug is. The government will always print more money for banks to give out these loans, and as long as the banks can keeping making money on interest while gaining more property assets through repossessions, they are more than happy to play along. As long as the demand for it is there, and the corporation controls the supply, they can charge whatever they want for it.
How i understand it is these pharmaceutical companies are somehow getting the government/the entire population to pay these insane prices for these drugs through the government assistance programs that are funded by tax. So the many pay a little bit, all that money goes to these government assistant programs, then goes to the drug companies and the middlemen. And the only reason the drug companies want to get rid of the middlemen is so obvious, the drug companies want that profit too. So they want to maximize profit by cutting out the middleman and taking all the money directly. So we've got monopolizing drug companies that have the government/all taxpayers paying for these drugs. It's actually a brilliant and twisted convolution and infection. How ironic for the very companies that fight infection to be infections themselves. These drug companies are viruses. Plagues. Cancers. It really comes down to desire for money. It reminds me of the scene in The Matrix when Agent Smith is interrogating Morpheus and he talks about the human race being a virus on the planet, infecting everything it touches. And it's touched the Healthcare system in a fundamental way. The white blood cells are on the move though to combat this infection. The more white blood cells, the better. We can all do our part in raising awareness. And that's a macro level infection. We can also help by looking at the micro level infection too. We can help by looking within at what flaws there may be and addressing those too. We can only grow as a society if we grow together, unanimously. We got this. Let's get better together. Help each other up. Support each other. Iron sharpens iron. We refine each other. That's one of the great gifts of sharing this world with each other. So let's not hate, let's help. Let's help make this world a better place for everyone and everything, one at a time. We got this.
Well to answer your question its the same way Ferrari makes a profit! When you first start a business like a product business. Lets say you want to make $100k profit if your total cost for the product is $50k. Then you need to make $150k. Now you can sell for $1 you will need 150k buyers. or you can charge $150 and you will need 1,000 buyers. or $1,500 100 buyers. If you listen to any business coaches for consulting or selling courses. They say to their business clients to sell at high end for the rather sell at $1,500 for 100 buyers. It is easier to get and manage 100 buyers vs 150k buyers. Is this right depending how you look at it. They are private businesses that have to answer to shareholders. I think that is a mistake for the healthcare system. but downside is slow innovation. What has the government innovate besides these stupid hearings that solve nothing.
This is pathetic that corporations have this mich power. We arent a democracy were a theocracy where money is the idol and god
My neighbors daughter takes a medicine that you can buy at cvs with good rx free app for $29 and medicaid is paying the pharmacy $1800 for it SMFH!! Thats the problem!!
I'm watching here conception tarlac Philippines
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A very good healthcare economic Bill to write our U.S. Congressman or Senator so everyone can have a medicaid card, is price regulations on the medical industry resulting in a 90% to 99% decrease and reduction in medical costs. All surgical and non- surgical procedures, MRI's, x-rays, medicines, dental, ambulance services, cost of daily hospital room, and all services across the board. Now only participating hospitals and doctors offices in the program can utilize the medicaid and medicare card. Now the taxpayer can afford to pay 100% of all citizens and residents medical bills, and everyone can be issued a medicaid card. 🤗 👩🌾 🌴
Sick.of boiny
I'll tell you why the pharmaceutical companies are allowed to charge so much in the United States of America, it's because the American people and especially the politician's ALLOW IT!!!!
Costs 1.3 billion and 10-15 years to develop and qualify a new drug with the FDA. Patent protects for 20 years. Companies have 5-10 years max to make up those development costs before generics come available, knocking the profitability down to nothing.
You want cheaper drugs... reform the FDA.
A business charges what people are willing to pay as well as supply and demand! If no one buys they will go out of business! Since these businesses are private they can charge what they want. The government can setup subsidize programs to pay the difference what the customer can't pay! Also, they could get into the drug making business and sell it themselves. Greed does not work! I think people believe does in a capitalist world! which an oxymoron! The reason greed doesn't work! Let's for example take the basic thing! Like Milk let's say milk is $6 a gallon today. If for no reason they increase the price to $50 a gallon. Less people would buy than who would previously buy! That is Greed! It is not greed if you the cost somewhere in the supply chain increased. Like the farmer charging more for milk to the distributor and then the distributor charge the store more. Now the question who is greedy the source of the increase is at farmer level. Are they greedy for the price increase? Another thing happen here is inflation. The farmer is the reason for inflation not the distributor or the store. The government is good at acting like they care! When at any time as I stated they can fix the problem by subsidizing the price or getting into the industry to make drugs the cost they want it to. Because at the end of the day what is to high people. There will always be someone who can't afford the drug. And complaining prices are to high.
@@getinthespace7715 Reform the FDA? Do you know why the FDA is like this in the first place? Pharmaceutical and insurance companies set up the FDA like this in the first place through regulatory capture.
A huge factor for our higher costs is the FDA. The average cost to qualify a drug for sale in the USA through the FDA is $1.3 BILLION and it takes upwards of a decade.
Because of that we have less competing products and higher prices.
lots of countries have little to no testing requirements, which is why they get dirt low prices.
Regulation forces prices up. more regulation isn't the answer.
Price controls will just REDUCE the number of competitive products developed and keep prices high.
Knock it off & quit making excuses for CEO's pocketing $40 million plus in bonuses off the backs of Americans. Full of shesh
I have no desire to take untested drugs. Before the FDA, many Americans died from patent medicines and adulterated food and drinks.
Forgot to add, in the hearing they discuss many brand name drugs that sell much cheaper in other countries... the exact same drugs from the exact same manufactures, all FDA approved. My problem with the FDA is they aren't strict enough.
So Japan, Canada, UK, Japan, France etc don't have stringent regulations or research?
Considering the US health industry and Government have agreed Cannabis has medical benefits, yet over here in Europe we are at least 10 years behind.
And ppl thought martin Shreki
AS IF THIS ISNT PERFECT TIMING!
Like all corporations, they orchestrate social media ratings, reviews, blogs, discussions by paying influencers, bloggers, reviewers, etc. to flood fake positives and reviews in front of unaware consumers . Its expensive to do so.
Let's see how many people kick the bucket because they can't afford their medicine, while we wait for some of these patents to wear off eh?
Yea but companies setup deals with generic
makers to get them a early license and a supply chain. If they agree to give them % of the money.
How many times do you think conservatives here are going to compare saving human lives to selling eggs & cars? Endlessly & shamelessly for capitalism, that's how.
Private companies don't have an obligation to saving lives. They didn't take a oath! I think people forget the purpose of business! The purpose is to make a profit! Yes the business they chose is dealing with lives! But if they all got out of the business who than will make the drugs. You? You all acting like you voted these companies in her something. Or they have an obligation to you! They don't! Personally I like to see the numbers! Because people say all types of things but don't understand the numbers! OTC are cheap because there are more buyers. For specialize conditions there are less buyers and cost more in R&D to make! But the true problem they have to answer to shareholders. Who owns 60% or more of these companies institutions. Institutions are just custodians for people who don't want to manage their investments. So people with 401ks, iras, pensions, etc. So you all should be mad at yourselves for wanting a return for your 401k and etc. from these companies.
How can you talk about capitalism on a human life and sick people shame on you 🇺🇸 American … medicine just be basic commodities..
ll countries should make pharmaceutical companies country-owned. Or countries should start their own pharma research entities and fund them. Make them a zero-balance system. The money that is paid by the people of the country remembers and continues the cycle. Who cares about the investor. Life is more important. Some of the people commenting on here will sing a different toon when a family member or themselves has to take a drug that is not covered.
No system is perfect. But life is more important than profit. Tubberville probably gets a big fat cheque from these companies.
Sen Sanders is so much BS.
Yet the GOP is no better.
TRUMP 2024
what do they want more money they don't care about you or how much you pay