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It is tough to go even a week without seeing another report about pharmaceutical industry profiteering, and it’s time for New Mexicans to fight back. In the latest outrage, the New York Times reports the drug manufacturer Biogen will charge $56,000 a year for its new Alzheimer’s drug, Aduhelm.
Drug prices have little to do with the cost of research and development and the need to deliver affordable treatment to patients and much more to do with company revenue targets and profits. Biogen’s stock soared nearly 40% on news of the $56,000 price tag. Prescription drug companies are the only businesses in the health care industry whose rates are not regulated. It’s time to hold them to the same standard as all other health care providers.
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During the last N.M. legislative session, several bills became law that will begin to rein in the high costs of prescription drugs. Those efforts continue this year with the introduction of House Bill 154, the Prescription Drug Affordability Act.
Prescription drug companies are the only businesses in the health care industry whose rates are not regulated. It is time to hold them to the same standard as all other health care providers. The Affordability Board, known as a PDAB, would serve as an independent body with the authority to evaluate high cost drugs and set reasonable rates for consumers to pay.