this post was submitted on 30 Aug 2023
274 points (100.0% liked)

Politics

10177 readers
21 users here now

In-depth political discussion from around the world; if it's a political happening, you can post it here.


Guidelines for submissions:

These guidelines will be enforced on a know-it-when-I-see-it basis.


Subcommunities on Beehaw:


This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago
MODERATORS
 

The pharmaceutical lobby strongly opposed the Biden administration's plan to directly negotiate drug prices for 10 medications with Medicare. PhRMA argued this will hurt innovation, but advocates note that drug companies make 76% more than needed for R&D. Eliquis, which costs Medicare over $16 billion, will be subject to negotiations. The policy was enabled by the Inflation Reduction Act, which PhRMA spent millions lobbying against. PhRMA sued over the negotiations, but the DOJ moved to dismiss the case. Advocates believe this defeat of Big Pharma will not be the last as negotiations may expand to over 100 drugs in the future, greatly helping seniors and people with disabilities access affordable medications.

you are viewing a single comment's thread
view the rest of the comments
[–] circularfish 46 points 1 year ago* (last edited 1 year ago) (1 children)

Amazed at how the same people who defend a business model that depends on price inelasticities to extract the last dime for lifesaving meds somehow react with horror at the idea that the biggest negotiator of pharmaceutical prices in the U.S. has the gall to negotiate lower prices. The government isn’t ‘dictating’ anything. It is using its market power to drive the price down.

That is the vaunted free market at work. Anything else is just corporate socialism.

[–] tryptaminev@feddit.de 11 points 1 year ago (1 children)

corporate socialism is an oxymoron. The key to socialism is the ownership of the means of production by the workers.

What you refer to is just classical oligarchy / kleptocracy

[–] circularfish 15 points 1 year ago

That was a dig directed at those that shout “socialism “ at things that are clearly not socialism (like negotiating prescription drug prices), but you are of course correct. Thank you for correcting my rhetorical excess, internet friend!