Legislative Session
Mr. President, I join my colleagues in celebrating a major and long overdue achievement allowing the American people to have the benefit of a government that will stand up to negotiate prices and try its best to make the prescription…
Mr. President, I join my colleagues in celebrating a major and long overdue achievement allowing the American people to have the benefit of a government that will stand up to negotiate prices and try its best to make the prescription medications that they need for themselves and the people they love to be affordable.
You know, what is a greater responsibility that a government has to its citizens to help create a healthcare system that is accessible and is affordable? Why is it that in this country, the citizens that we all represent are getting hammered on the cost of medications that if they just go across the border to Canada, they can get at one-tenth, one- fifth of the price?
Why is it? It is because until this day, we have been the only government that has not been willing to use price negotiation to protect consumers from price gouging by Big Pharma, and it is really brutal. I mean, every one of us--I talk to Vermonters, Senator Stabenow was talking about Michiganders, Senator Whitehouse was talking about constituents in Rhode Island--by the way, some of whom are Republicans, some of whom are Democrats, some of whom are Independents, many of whom don't even bother to pay much attention to the political process. But when they have to get access to that medication that is really essential to their well-being, they can't afford it.
We are paying, they are paying--all our citizens--in many cases, 2\1/ 2\ times, on average, what folks across the border in Canada or in Europe are paying for the same medication. And, you know, it is terrific when Big Pharma, through their research, comes up with medications that can extend our life. But if they charge so much that we can't afford it, what does that do?
And time after time, we have seen folks make these horrible decisions about cutting back on their medication at the threat to their own life and safety because they literally can't afford it.
Now, the pharmaceutical industry, let's give them credit: They have created lifesaving drugs. That is a tremendous thing. But they can't use the fact that they are doing something good to jack up prices to make it unaffordable just for self-enrichment.
You know, we, as a government, have done an enormous amount to help pharma with the innovation side, and they are suggesting that this legislation is going to interfere with that capacity. Is it true? No. Think about what we have done--we, the government, taxpayers. No. 1, the intellectual property is protected; so for that period of time, oftentimes well over a decade, they can charge whatever they want to charge and they have the exclusive right to have that drug on the market. And they charge a lot.
No. 2, we have created an employer-sponsored healthcare system where we have employers in all of our States where it is really important to that employer to provide good-quality healthcare to its employees, and they have to pay whatever the premiums are that are, oftentimes, inflated as a result of us having the highest prescription drug prices in the world.
Third, we have a Medicare/Medicaid program, which is a guaranteed purchasing pool to buy the products that they create. So pharma has protection on its profits with an exclusive period; it has a government that stands behind the right of citizens to have access to healthcare through Medicare particularly, Medicaid, and also employer-sponsored healthcare.
And then what you see is the pharmaceutical industry going beyond the patent rights that it has for that market exclusivity and do the things that Senator Klobuchar was talking about where they try to extend the life of the patent well beyond what that limited period was supposed to be.
And then, by the way, Wall Street gets in the game here, because what many of the companies have claimed is research is a corporate buyout. Company A buys company B that has a patent, a popular and necessary drug. They pay billions for it; and then to pay for the purchase price, they inflate the cost of that prescription drug. And they can do it; they get away with it.
So, you know, Senator Hickenlooper asked the question: Why is the outrage not about that we let it go on for so long?
So pharma is going to do fine and keep doing what they are going to be doing. They are going to have the patent exclusivity; they are going to have a government and a Senate with Republicans and Democrats maintaining the Medicare program so that folks who are going to need prescription drugs are going to be able to get them. They are going to do fine.
But, finally, we have price negotiation so that, in effect, if you or I are going to the pharmacy to buy aspirin and we buy a hundred because the per-unit cost is a lot less, we get to pay wholesale--we get to decide about bargaining by what we purchase, a big amount or a little amount. Medicare should be able to do the same thing.
So this is so overdue and so beneficial to everybody that we all represent, regardless of, politically, whose side they are on. This is about a shared need that our society has for access to prescription medication. And, of course, to the Presiding Officer, we all appreciate the focus that you put on insulin. I mean, if there isn't a more shocking example of a rip-off. This drug has been around for decades; there is no new innovation. But what there is, is pricing power. So those companies that had the ability to set the price, to raise the price, and to do it again kept going up and up and up, even though there were not any additional intellectual breakthroughs with the actual core of what insulin is.
You know, we in this country know that working Americans are struggling
to pay their bills. Things are expensive, and it is not just inflation. Things are expensive in many cases because there is real corporate power, and they can set the price they want. Nowhere do they do that with more abusive consistency than in pharmaceutical prescriptions. And we can decide, as a Senate, that we are going to find ways to make things affordable by stopping the rip-off.
Having the capacity for Medicare to negotiate prices is a major breakthrough. It is no small thing. It is the beginning; it is not the end of our efforts. And I thank all of my colleagues for working together to help all of our constituents, regardless of who they voted for, because the thing they all have in common is they want to protect, especially, the people that they love.
And in the arguments from pharma, what I find so alarming is that what they prey upon is the love that people in America have for their families because, if you are a mom or you are a dad and you have got a son or a daughter who needs a prescription drug and you can't afford it, you will take out a second mortgage or you will sell the house or you will get rid of your retirement account. You will do whatever it takes to save the person you care about. And pharma, with their pushback, saying this is going to threaten innovation is preying on those fears that all of us have about what will happen if we don't do everything we can to help the person that we love.
And you know what, it is not about that for pharma. They are doing pretty well. Those salaries are astonishing. Those corporate buybacks are very rich. So I am proud to be with my colleagues here to stand up for the right that our citizens have--affordably, confidently, securely--to be able to have, when they need it, access to the prescription medication that is going to extend their life and save their loved ones.
I yield the floor.