Politics

Senate Health Reform Bill Benefits Big Pharma While Forsaking Cheaper Generic Drugs

By Anne Landman

Despite proclaiming a need to cut medical costs, the Senate health care reform bill contains a provision that will benefit large drug companies while hurting manufacturers of generic drugs. As it is now written, the bill will keep less-expensive generic drugs from entering the market for fully 12 years, far longer than the five to seven years President Barack Obama had advocated. The concession to Big Pharma companies, which manufacture expensive brand-name drugs, follows an $80 billion agreement made earlier this year between the White House and large drug makers like Merck and Pfizer, who promised to support President Obama's health reform plan, cut drug prices and pay additional taxes to help expand health insurance coverage over the next 10 years. Kathleen Jaeger, President and CEO of the Generic Pharmaceutical Association, said the health reform bill passed by the Senate " ... unfortunately, amounts to a treasure trove to brand drug companies who stand to make enormous profits from health care reform -- putting brand drug profits over patients ... With generics saving the health care system one billion dollars every three days, Congress should be looking at increasing, not decreasing, access to safe effective and affordable generic and biogeneric medicines."

Full post as published by PR Watch on December 28, 2009 (boomark / email).