Medicare Drug Negotiation Is A Sham
If you want a good example of meaningless political activity and wishful thinking look to the current announcement that there will be negotiations for price cuts for 10 drugs in the Medicare drug program. People need to be reminded that Medicare D, the drug program created many years ago, was a gift to the pharmaceutical industry and did little to help seniors struggling to pay for medication. It has increased the profits of drug companies and that is no accident.
The Inflation Reduction Act (IRA) of 2022 mandated that the federal government negotiate with the pharmaceutical industry and now the Biden administration is trying to get PR mileage because they are going to “try” to negotiate to lower prices for 10 drugs commonly prescribed for seniors. I say try because big pharma is already lining up all of their legal teams to fight the negotiation process. It will be hard for the drug company CEO’s to buy another vacation home if profits are not maximized.