Why are drugs cheaper in Europe?
Why are drugs cheaper in Europe?
President Trump unloaded last week that the US. UU They pay more for drugs: "the same company, the same box, the same pill", that, for example, the United Kingdom or France. "And I would say: 'Why is this?'" Your latest proposal reveals that you still do not know, so let us explain why the United States should not put the most innovative drug market in the world at the mercy of what Greece is. willing to pay for cancer treatment.
Health and Human Services has invited comment on a possible rule that would link what Medicare Part B pays for certain drugs to a price index of what other developed countries pay. The objective is to reduce prices to 126% of what other countries pay, compared to the current 180%. The measure "will ensure that American patients get fairer treatment over the discounts that pharmaceutical companies voluntarily grant to other countries," said HHS Secretary Alex Azar.
The reason why European countries pay less for medicines is because they administer the health systems of a single payer and dictate the prices they are willing to pay. You do not like it Then, they will vitiate their patents and make an imitator. This is not a "voluntary" discount. Other countries have the luxury of extortion because the US UU They produce more drugs than the rest of the world combined. Mr. Trump mentioned these realities in his speech, but he blew them to suggest importing the same bad behavior.
By the way, Europe pays more, in the form of reduced access. Of the 74 cancer drugs launched between 2011 and 2018, 70 (95%) are available in the United States. Compare that with 74% in the United Kingdom, 49% in Japan and 8% in Greece. This should cure anyone of the illusion that these countries will simply start paying more for the drugs. They are willing to deny treatments if you save money.
Medicines approved in foreign countries are often delayed in reaching patients: on average, 17 months in 16 industrialized countries, according to an analysis. Other countries have long struggles over how much the health system will pay, while in the US. UU Medications are available almost immediately after approval. Better quality care in the US UU That's why the United States outperforms 10 European countries in terms of cancer survival rates, a fact that the White House mentioned last week in a report on the costs of socialism. Maybe Mr. Trump should read that report.
Mr. Azar says that the rule will not cool the investment, partly because the $ 17 billion over five years in supposed savings from the wonders of price controls represents a fraction of pharmaceutical research and development. It's depressing to see Mr. Azar get up on this firecracker since he knows of his career in
Eli Lilly and
Co.
How investment decisions are made.
Any investor who wants to finance the cure for Alzheimer's disease is already seeing a very small chance of success, and Trump HHS's proposal adds another potential limit to the return that will be further curtailed if the Democrats regain power and use it as a precedent The rule refers to Medicare Part B, or drugs administered by doctors as specialized drugs, whose development is especially difficult.
In other words, a risk is that the investment goes to less difficult categories of drugs or, since the money is fungible, to the next delivery service of Uber toothbrushes or concierge. About 70% of the new drug line is developed in new companies, and most of these small businesses are not making a profit.
A puzzle is how the Administration came up with this idea. The Administration's drug pricing plan earlier this year cited a 2013 document from the World Health Organization on these reference prices and concluded:
"Every time a country demands a lower price, it leads to a lower reference price used by other countries. Such price controls, combined with the threat of market blockage or intellectual property infringement, prevent pharmaceutical companies from charging market rates for their products, while delaying the availability of new cures for patients living in countries that they implement these policies. "Back to controls.
Mr. Trump is right in stating that Europe, Australia and many others benefit from innovation in the United States, and better protection of intellectual property in trade agreements could help. But that is no reason to repeat his error of price control and undermine the reasons why the United States is the last and the best hope for medical progress.
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