It is not enough. Not even close.

One out of four Americans cannot afford to purchase the prescriptions their doctors write and some die as a result.

Friends -

There is a lot of discussion about how "divided" our nation is and, on many issues, that is absolutely true.

But if you ask most Americans — Democrats, Republicans, independents, progressives, conservatives — they will agree: We are getting ripped off, big time, by the pharmaceutical industry.

The good news — and there is good news — is that scientists have made some amazing and important discoveries that have saved millions of lives during the global COVID pandemic, and others that have the capacity to save and extend the quality of life for people in this country and around the world.

The bad news — and there is plenty of it — is that those advances in science and technology mean nothing if people cannot afford them.

In this country, we pay over 3 times as much as other major countries for brand name prescription drugs, and, in some cases we pay 10 or 20 times more than the people of other countries for the same exact product.

The result of the high cost of prescription drug costs is obvious: One out of four Americans cannot afford to purchase the prescriptions their doctors write and some die as a result.

And if you think the high cost of prescription drugs is just an individual patient or family problem that may not impact you, I am here to tell you that you are mistaken.

This is also a taxpayer issue. The high cost of these medicines drives up the cost of Medicaid, Medicare, and other public health programs as well as private insurance. When people can't afford the medicine they need and get sicker than they should, they end up in emergency rooms or hospitals at great expense to our already bloated and wasteful healthcare system.

So no matter who you are, no matter how healthy or wealthy you are, this is an issue that impacts ALL OF US.

Yet while millions of Americans struggle to pay for the lifesaving medicine they need and all of us pay the price, the drug companies and their executives have never had it so well.

In 2022, Johnson & Johnson made nearly $18 billion in profits, paid its CEO over $27 million in compensation, and spent over $17 billion on stock buybacks and dividends.

That same year, Merck made $14.5 billion in profit, handed out over $7 billion in dividends to their wealthy stockholders, and paid its CEO over $52 million in compensation.

And Bristol Myers Squibb made $6.3 billion in profits last year, while recently spending over $12 billion on stock buybacks and dividends and giving its CEO over $41 million in compensation.

So where do we go from here?

First, let us acknowledge that we have made SOME progress on the issue of lowering the cost of prescription drugs.

As a result of the Inflation Reduction Act, seniors with diabetes are paying no more than $35 a month for the insulin they need; beginning next year, seniors will be paying no more than $2,000 out-of-pocket a year for prescription drugs; and for the first time in American history Medicare is negotiating with the pharmaceutical industry to lower some of the most expensive prescription drug prices in America.

I am also proud of the accomplishments the Senate Committee on Health, Education, Labor, and Pensions (HELP), which I chair, has made to bring down the cost of prescription drugs.

Months ago, the HELP Committee launched an investigation into the outrageously high price of inhalers that 25 million Americans with asthma and 16 million Americans with chronic obstructive pulmonary disease (COPD) need to breathe.

After talking to the CEOs of the 4 major inhaler manufacturers, three of them have made a commitment to cap the cost of all of their brand name inhalers — Boehringer Ingelheim, AstraZeneca, and GlaxoSmithKline — to $35 at the counter, a substantial reduction in price. Up to this point Tevla has refused to join its competitors and lower its prices.

Last year, the CEO of Moderna committed during a HELP Committee hearing that his company would set up a patient assistance program so that no one in America would have to pay for their vaccine out of pocket.

In a separate HELP Committee hearing last May, the CEO of Eli Lilly committed that his company would not raise prices on existing insulin products after announcing very substantial price cuts for these products.

These efforts will improve life for millions of Americans. They will prevent unnecessary deaths, ease suffering, and save substantial sums of money for working class families.

But, despite all that we've accomplished, it is not enough. Not even close. Much more has to be done.

First, it is not just seniors who should be paying no more than $2,000 a year for prescription drugs — that must be made universal and extend to ALL Americans. Period. No matter what their health condition or how many prescription drugs they use, no one should pay more than $2,000 a year out-of-pocket.

There are also individual drugs like Ozempic, made by Novo Nordisk, that have the potential to be game changers in the diabetes and obesity epidemics. Yet, Americans are being charged outrageous and unsustainable prices for these products. We pay about $1,000 a month for this drug while the same exact product can be purchased for just $155 a month in Canada and just $59 in Germany. That may make sense to somebody, but not to me.

If we do not substantially reduce the price of this drug, millions who need it will be unable to afford it. Further, this extremely high price has the potential to bankrupt Medicare, the American people, and our entire healthcare system.

Further, we can no longer tolerate Astellas and Pfizer charging Americans with prostate cancer over $165,000 for Xtandi when that exact same product can be purchased for just $20,000 in Japan.

But it is not just these drugs — it is often the case that Americans are paying far more than people in other countries for the same exact medicines.

All over this country, the American people are asking why it is that they pay, by far, the highest prices in the world for prescription drugs?

The answer is simple. It is because drug companies in America are allowed to charge whatever they want. And that's what they do. Their business model is not about how they can save and improve the lives of as many people as possible — it is about maximizing profit. And that is something that should offend everyone.

I have introduced legislation to cut the price of prescription drugs by at least 50% by preventing the pharmaceutical industry from charging more for medicine in the U.S. than they do in Canada, Britain, Germany, France, and Japan — a concept that is not only supported by progressives, but former President Donald Trump.

I have also introduced legislation to allow patients, pharmacists, and wholesalers to purchase affordable prescription drugs from Canada, the United Kingdom, and other major countries with strong safety standards.

I will soon be introducing legislation that would greatly expand Medicare's ability to negotiate the price of prescription drugs.

Working together, we can take on the greed of the pharmaceutical industry and substantially lower the price of prescription drugs in America.

Yes. There are many issues which divide the American people — but not this one. Whether you are a Democrat, Republican, or Independent, a progressive or conservative, you understand that the extraordinary greed of the pharmaceutical industry must be ended.

When we do that, we will be improving the quality of life for millions of Americans while lowering the cost of healthcare in this country which is at least double that of any other wealthy country.

Let's do it.

Bernie Sanders

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