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Pharma Lobby Furious Over Wildly Popular Effort to Curb Drug Prices (www.commondreams.org)

submitted 1 year ago by [email protected] to c/[email protected]

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The pharmaceutical lobby strongly opposed the Biden administration's plan to directly negotiate drug prices for 10 medications with Medicare. PhRMA argued this will hurt innovation, but advocates note that drug companies make 76% more than needed for R&D. Eliquis, which costs Medicare over $16 billion, will be subject to negotiations. The policy was enabled by the Inflation Reduction Act, which PhRMA spent millions lobbying against. PhRMA sued over the negotiations, but the DOJ moved to dismiss the case. Advocates believe this defeat of Big Pharma will not be the last as negotiations may expand to over 100 drugs in the future, greatly helping seniors and people with disabilities access affordable medications.

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[–] [email protected] 11 points 1 year ago (1 children)

corporate socialism is an oxymoron. The key to socialism is the ownership of the means of production by the workers.

What you refer to is just classical oligarchy / kleptocracy

[–] [email protected] 15 points 1 year ago

That was a dig directed at those that shout “socialism “ at things that are clearly not socialism (like negotiating prescription drug prices), but you are of course correct. Thank you for correcting my rhetorical excess, internet friend!