Drug Pricing Reform: The Costs of InactionWHEN: July 28, 2021
For decades, drugmakers have hid behind the unproven notion that skyrocketing drug prices are necessary to sustain innovation. In practicality, drugmakers do not reinvest the majority of their profits in research and development, nor does the pharmaceutical industry drive innovation. As Congress considers action to rein in costs and help Americans struggling to afford needed medications now, the pharmaceutical industry has doubled down on its innovation myth.
On July 28th, West Health and the National Coalition on Health Care (NCHC) held a second Congressional briefing on the need for drug pricing reform. During the event, new research was presented on how the industry could respond to changes in revenue and still maintain current R&D investments without shifting spending on marketing, advertising, and lobbying. Leaders from West Health and NCHC were joined by Congressman Peter Welch (D-VT), Dr. Fred Ledley, former biotech executive and professor at Bentley University, and Sean Gremminger, Director of Health Policy at the Purchaser Business Group on Health.
The event built on the first Congressional briefing, which highlighted how high drug prices, coverage gaps, and other systemic issues drive health inequities for communities of color as well as new data from our Gallup survey on drug accessibility and affordability.
Congressman Peter Welch, (D-VT)
Dr. Fred Ledley, Professor, Bentley University
Sean Gremminger, Director of Health Policy, Purchaser Business Group on Health
Amy Herr, Director of Health Policy, West Health
Shawn Martin, CEO, National Coalition on Health Care