On average, Americans pay four times as much for the same medicines as people in other countries. As prescription drug companies continue to increase prices, even in the midst of a pandemic, it’s time to stand up to those who are harming vulnerable New Mexicans. We need controls to make drugs more affordable for people.
We’ve all heard the heartbreaking stories of profiteering in the pharmaceutical industry. Drug companies increased the cost of epi-pens needed to save people’s lives when they have allergic reactions from $100 to over $600, endangering the lives of people who couldn’t afford them. They charge $94,000 a year for a breast cancer drug, $300,000 a year for a drug that treats infants who have seizures, and $60,000 for a sleep disorder drug for blind people.
Meanwhile, the drug companies that produce these drugs make billions of dollars a year in profits. The Journal of the American Medical Association reports 35 big drug companies raked in $8.6 billion in profits between 2000 and 2018. Nine of the top ten companies spend more money on marketing and advertising than they do on researching new drugs. There is no excuse for the high prices they charge.
New Mexicans continue to struggle to afford the prescription drugs they need, often having to choose between their medication and other necessities, like rent and groceries. Drug costs were out of control before COVID, but it is even worse now. The big drug companies have taken advantage of the pandemic to raise prices on 645 brands almost six percent in the first eight months of 2020, according to the data firm Analysource. That is outrageous and unacceptable. It is critical the State Legislature take action to help ensure that all New Mexicans have access to affordable medications, because drugs don’t work if people can’t afford them.
The goal of the New Mexico Coalition for Affordable Prescriptions is to educate and activate New Mexicans in support of policy changes to drive down drug prices, including the Prescription Drug Accountability Act. By telling the stories of our neighbors struggling to afford their prescriptions and promoting common sense solutions like a Prescription Drug Affordability Board, we will fight back against the greed and profiteering of big drug companies.
Yes. Prescription drug companies are the only businesses in the health care industry whose rates are not regulated. It’s time to create an independent board to negotiate better prices on behalf of New Mexico consumers. Other states, including Maryland and Maine have been successful creating Prescription Drug Affordability Boards to begin to hold big drug companies accountable and drive down the cost of prescription drugs.
A Prescription Drug Affordability Board can help end the price gouging that hurts our families and neighbors in New Mexico. High costs can prevent patients from accessing the prescription drugs they need, cause significant affordability issues for the state and threaten public health. The board would have the authority to evaluate the cost of medications, hold big drug companies accountable, negotiate more affordable prices for New Mexicans and build on New Mexico’s leading efforts to lower prescription drug and health care costs for all residents.
NMCAP is a statewide coalition of health experts, patient advocates and consumers, including AARP and Health Action New Mexico, urging our lawmakers to create a Prescription Drug Affordability Board and end the prescription drug price gouging that hurts our families and neighbors.