Ways and Means Committee Releases Report on International Drug Pricing
WASHINGTON, DC – Today, the Ways and Means Committee released a report, titled “A Painful Pill to Swallow: U.S. vs. International Prescription Drug Prices,” finding that U.S. drug prices are nearly four times higher than the combined average of 11 other similar countries, and that Americans pay as much as 67 times more than consumers in other nations for prescription drugs, even when accounting for rebates. To reach these conclusions, committee staff analyzed the 2018 pricing data of 79 drugs sold in the United States, the United Kingdom, Japan, Canada (Ontario), Australia, Portugal, France, the Netherlands, Germany, Denmark, Sweden, and Switzerland.
Ways and Means Committee Chairman Richard E. Neal (D-MA) said the following regarding the report’s findings:
“We’ve long known that families across the country, including those in my home state, Massachusetts, pay far too much for their medicines. This report reveals just how unfairly high prescription drug prices are in the United States compared to prices in other, similar nations. Our findings underscore the need for Congress to pass H.R. 3, the Lower Drug Costs Now Act, newly-introduced legislation that would allow the U.S. government to negotiate lower drug prices for American consumers based on international pricing. Americans shouldn’t be paying substantially more than patients in other countries for the medicines they need to survive.”
The Ways and Means report can be accessed HERE.