Public investments contribute substantively to the emergence of new drugs and drug-related patents.
Big Pharma is pulling out all the stops to avoid lowering drug prices for seniors.
The pharmaceutical industry has argued that negotiating Medicare prices with the federal government will force them to pull back on developing groundbreaking new treatments. As Eli Lilly CEO David Ricks said in an interview this summer with CNBC, “I’m really worried about the harm this will do to new cures and possibilities in medicine.”
Amazingly, given the pervasiveness of the industry’s argument, a recent study found that NIH funding contributed to nearly all of FDA-approved drugs from 2010 to 2019, and the magnitude of NIH investment in new drugs is comparable with that of the industry. These findings clearly suggest that the public deserves a more equitable return on its investment relative to the pharmaceutical industry’s investment.
The public’s misunderstanding about the role of government in health care is not an accident. The scope of public funding is intentionally hidden from the American public. First, and not unexpectedly, most companies actively hide the subsidies they accept from government . Pfizer, for example, misleadingly claims it did not receive any government research funding to develop its COVID-19 vaccine, but its partner, BioNTech, was founded based on the NIH-funded mRNA discovery.
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