February 2023 - Newsletter #4
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High Drug Prices Aren’t Justified by Research and Development Costs According to Experts
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Hot on the heels of hundreds of the latest prescription drug price increases from Big Pharma that we reported to you, a new study in the BMJ, a prestigious international research journal, says high drug prices aren’t justified by drugmakers’ research and development costs.
Aris Anelis, PhD, assistant professor in health economics with the department of health services research and policy at the London School of Hygiene and Tropical Medicine and his colleagues recently published a paper on the topic. In summary, they say:
- From 1999 to 2018, the world’s 15 largest biopharmaceutical companies spent more on selling, general, and administrative activities than on research and development
- Most of these companies also spent more on share buybacks and paying out dividends than on research and development
- Most new medicines developed during this period offered little or no clinical benefit over existing treatments
- Industry could generate more medically valuable and affordable innovation with existing resources
- Government action is needed to encourage research and development focused on public health priorities
Dr. Anelis’ paper is getting some attention in the biopharmaceutical industry and it’s definitely food for thought as Big Pharma continues to raise prescription drug prices.
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