CSRXP: CONGRESS TAKES MAJOR STEP TOWARD HOLDING BIG PHARMA ACCOUNTABLE, LOWERING DRUG PRICES FOR THE AMERICAN PEOPLE

Big Pharma Can No Longer Evade Accountability and Keep Prices High by Spending Hundreds of Millions of Dollars on False and Hyperbolic Claims

Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement Friday on the U.S. House of Representatives’ passage of the Inflation Reduction Act of 2022. CSRxP has been a longtime advocate for several provisions included in the legislation, including keeping Big Pharma’s price hikes below the rate of inflation and capping out-of-pocket prescription drug costs for Medicare beneficiaries.

“After years of promises, Congress has taken a major step toward holding Big Pharma accountable and lowering out-of-control prescription drug prices for millions of Americans,” said CSRxP executive director Lauren Aronson. “The pharmaceutical industry spent hundreds of millions of dollars unsuccessfully opposing these drug pricing solutions with false and hyperbolic rhetoric and has now been put on notice: Big Pharma companies can no longer price-gouge the American people without facing accountability.”

“CSRxP commends President Biden, Speaker Pelosi and Members of the U.S. House for delivering major progress on longstanding promises to lower prescription drug prices by holding Big Pharma accountable,” Aronson continued. “This legislation reflects several CSRxP priorities that have previously won bipartisan support, including keeping Big Pharma’s price hikes below the rate of inflation and capping out-of-pocket drug costs for seniors.”

“We look forward to working with the administration and Members of Congress, on both sides of the aisle, to build on this major step toward holding Big Pharma accountable with additional market-based solutions to deliver competition, choice and lower costs for consumers,” Aronson said. “In particular, lawmakers can build on positive bipartisan work to crack down on Big Pharma’s abuse of the patent system to undermine more affordable alternatives — and maintain the unprecedented momentum to hold Big Pharma accountable and lower drug prices.”

Read CSRxP’s statement on the U.S. Senate passage of the Inflation Reduction Act of 2022 HERE.

Read more on CSRxP’s longstanding support for drug pricing solutions included in the Inflation Reduction Act of 2022 — and their history of bipartisan support — HERE and HERE.

Read more on why Big Pharma’s latest round of advertising opposing drug pricing solutions doesn’t hold up to scrutiny HERE.

Read about Big Pharma’s most recent major round of price hikes, including more than 100 increases on brand name drugs in the first week of July 2022 HERE.

Read more about Big Pharma’s latest round of earnings reports that topped Wall Street analysts’ expectations after continued price-gouging HERE.

Learn more about solutions to hold Big Pharma accountable and lower prescription drug prices HERE.