A new study says allowing Medicare to negotiate lower drug prices would save $20 billion per year.
Well, it ain’t gonna happen, after Big Pharma put its bought-and-paid-for politicians to work last week to stop proposed legislation. Here’s a nice analysis showing, point by point, how the bill’s opponents distorted the facts in their campaign against the proposal.
By the way, did you know that the cost of drugs has quintupled in the past decade? And that in 2005, Big Pharma’s profit was 16 percent of revenues — compared to only six percent for all Fortune 500 firms? These are just a couple of tidbits from Sen. Barack Obama’s statement after the Senate blocked the Medicare bill.5