Drug Pricing Reform is More Important Than Ever

Drug+Pricing+Reform+is+More+Important+Than+Ever

Linda Qiu, Staff Writer

While in office, former President Donald Trump frequently promised to lower prescription drug prices. However, not enough was accomplished, proven by the latest price hikes which have now surpassed those of past years. Now that power has transferred to President Biden and the pandemic progresses, it is extremely important that the new Congress keeps drug pricing reform a high priority, and fulfill what Trump’s administration failed to do.

As public attention stays hyperfocused on the COVID vaccines, prescription drug prices are quietly rising. The beginning of January came with steep hikes in prescription drug prices. Though price increases are typical at the start of the year, the price jumps made by drugmakers in the first half of this month have already surpassed those of all of January 2020, according to non-profit research organization 46brooklyn. As of Jan. 20, the same day Biden was sworn in, the amount of brand-name prescription drug price increases of January 2021 officially became the greatest Americans have seen this decade.

At a time when Americans are losing health insurance and income sources due to the pandemic, the price changes are harming many. Three in ten Americans reported not taking their medicine as prescribed, such as skipping doses, due to their price. This by itself is already indicative of the detrimental effects these price increases have on the health and well-being of American citizens. Coupled with the risk of COVID-19 harming victims more severely if they haven’t been properly taking their prescriptions, these severe price hikes pose a serious threat to the health of the American public. The government must take action against large pharmaceutical companies as soon as possible.

Biden made promises to lower prescription drug prices during his presidential campaign. He ran on a broad healthcare platform, promising to gain control over the COVID-19 pandemic and to add a federally sponsored health plan to the Affordable Care Act in addition to lowering drug prices. Now that he is in office, the pandemic will likely take precedence for a while. So far it has, from Biden ordering masking mandates in federal and travel-related locations to reconnecting the U.S. with the World Health Organization.

We can only hope that Biden will fulfill his campaign promise to lower prescription drug costs by 60%, that the federal government will successfully resist lobbying by large and ruthless pharmaceutical companies, and that Congress will (relatively) quickly agree on a helpful drug pricing bill. It is, after all, our government’s job to look after the health of its people, and making prescription drugs affordable is a key part of doing so.

 

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