The Daily A Major Overhaul of Prescription Drug Prices
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Aug 31, 2023 In this engaging discussion, Sheryl Gay Stolberg, a health policy correspondent for The New York Times, and Rebecca Robbins, a business reporter specializing in the pharmaceutical industry, explore the historic overhaul empowering Medicare to negotiate drug prices. They dive into the intense lobbying efforts from drugmakers to resist these changes and the potential effects on medication costs for older Americans. The guests shed light on how this could reshape the pharmaceutical landscape, balancing corporate profitability with patient affordability.
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High Drug Costs Before Medicare Part D
- Before Medicare Part D, seniors struggled to afford prescriptions, resorting to buying drugs from Canada or skipping doses.
- Sheryl Stolberg's mother paid $300 per chemotherapy pill and sourced cheaper cholesterol medication from Canada.
Drug Prices as a Campaign Issue
- The 2000 presidential election highlighted the issue of high drug prices for seniors, with both candidates proposing solutions.
- Al Gore advocated for government intervention, while George W. Bush favored private insurance-based coverage.
The Non-Interference Clause
- The 2003 Medicare Modernization Act expanded drug coverage but included a "non-interference clause."
- This clause prevented Medicare from directly negotiating drug prices, benefiting pharmaceutical companies.