ICYMI: Study Proves Continued Manipulation Of U.S. Patent System Keeps Drug Prices High For Patients And Costs America Millions
IN CASE YOU MISSED IT: Recently, HealthAffairs highlighted a study by researchers at Brigham and Women’s Hospital and Harvard Medical School that showed the real effects of name-brand drug manufacturers maintaining their market exclusivity by preventing of generic competition from entering the marketplace. Among 61 name-brand drugs at risk of losing their market exclusivity from 2010-2016, 45 percent had generics that were attempting to come to market but were subsequently delayed entry because of extensive legal battles. If common-sense patent reforms were put in place, the federal government could have saved upwards of $750 million in Medicaid drug costs alone. Now more than ever, it’s imperative to cut wasteful spending like this amidst the COVID-19 health crisis.
“At at time when the federal government faces unprecedented debt and millions of Americans are experiencing financial hardships due to the coronavirus pandemic we must look for ways to ease these burdens. It is more important than ever to cut wasteful spending on drugs that should be significantly less expensive due to generic competition. We must tackle skyrocketing prescription drug costs caused by reduced choice so that Americans have access to life-saving treatments. We also need to be cutting this wasteful spending from our Medicaid budget. These anticompetitive strategies and egregious patent abuses by big pharmaceutical companies keep generics out of the marketplace and prevents a functioning free market,” stated Matthew Lane, executive director of the Coalition Against Patent Abuse.