CSRXP COMMENDS PRESIDENT BIDEN FOR RENEWING COMMITMENT TO LOWERING DRUG PRICES, CONGRESS MUST ACT

Lawmakers Must Deliver on Repeated Promises to Hold Big Pharma Accountable Following Another State of the Union Call for Action

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Tuesday in response to President Biden once again calling for Congress to advance solutions to lower out-of-control drug prices and hold Big Pharma accountable in the State of the Union address.

“CSRxP commends President Biden for continuing to recognize out-of-control prescription drug prices are a top concern facing the nation,” said CSRxP executive director Lauren Aronson. “Now, Congress must finally deliver on repeated promises to lower drug prices with market-based solutions that hold Big Pharma accountable and deliver relief for the American people.”

“The American public is watching closely, ahead of the midterm elections later this year, to see if lawmakers will meet the moment to deliver relief for the millions of families who experience financial hardship affording their medications,” Aronson continued. “CSRxP looks forward to working with lawmakers to add to the unprecedented momentum for action to hold Big Pharma accountable.”

Examples of bipartisan, market-based solutions that will lower prescription drug costs and hold Big Pharma accountable include:

• Increase Senior Savings: By imposing a cap on out-of-pocket costs for Medicare Part D beneficiaries.
• Give Big Pharma Skin In The Game: By reforming Medicare Part D to give drug makers significant cost sharing responsibilities in the catastrophic phase of coverage.
• Protect Patients & Taxpayers: By prohibiting the price hikes from exceeding the rate of inflation.
• Increase Transparency: By pulling back the curtain on Big Pharma’s predatory pricing practices.
• Encourage Competition: By supporting policies putting an end to Big Pharma’s patent abuses and increasing avenues for cheaper generics and biosimilars.
• Improve Value: By incentivizing the development of drugs that represent a meaningful improvement over existing medications and ensuring all new medications provide strong, irrefutable evidence that they are safe and effective prior to reaching the market.

A recent CSRxP national survey, conducted by Morning Consult, found that American voters overwhelmingly view out-of-control prescription drug prices as a top political issue in the upcoming midterm elections and demand policymakers in Washington act on repeated promises to lower prices and hold Big Pharma accountable:

• 91 Percent of voters say prescription drug prices are an important issue for them in the midterm elections, more than the COVID-19 pandemic (87 percent), including more than half of voters (53 percent) who say drug prices are “very important.”
• >Three-in-Four: More than three-quarters of voters say it would impact their vote in the midterm elections if Congress fails to pass solutions to lower drug prices, including 40 percent who say it would have a “significant impact.”
• Nearly One-in-Four: Almost a quarter (23 percent) of American voters say themselves or a family member face financial insecurity due to the price of prescription drugs.
• 72 Percent of voters say Congress has not done enough to lower drug prices compared to just 11 percent who say Congress has done enough.
• 87 Percent: When asked who was responsible for rising prescription drug prices, 87 percent of respondents said the pharmaceutical industry, including 60 percent who said the industry was “very responsible.

See Morning Consult’s summary of the CSRxP survey findings HERE.

Read more on market-based solutions to lower drug prices and hold Big Pharma accountable HERE.

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