Big Pharma Monopolized Drug & Hiked Prices 22 TIMES

The Young Turks・2 minutes read

The Social Spending Bill to lower drug costs was blocked by Senator Joe Manchin despite key provisions being removed, revealing ties to pharmaceutical companies influencing decisions and healthcare costs. The text emphasizes the need for organized pressure and continuous advocacy to counter corporate interests in politics and ensure representation of the American people's needs.

Insights

  • Democratic Senator Joe Manchin blocked the Social Spending Bill, which aimed to lower pharmaceutical drug costs by allowing Medicare to negotiate prices directly with companies, despite the bill being stripped of key provisions to achieve this goal.
  • The text underscores the significant influence of pharmaceutical companies on Democratic lawmakers like Joe Manchin, who receive corporate contributions impacting healthcare costs. It highlights the monopolization of drugs like Revlimid by companies such as Celgene, leading to price increases and lack of generic alternatives, showcasing the need for sustained pressure to counter corporate interests in politics and prioritize public needs over profits.

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Recent questions

  • How did Democratic Senator Joe Manchin impact the Social Spending Bill?

    Democratic Senator Joe Manchin blocked the Social Spending Bill, which aimed to lower pharmaceutical drug costs by allowing Medicare to negotiate prices directly with companies. Despite the bill already being stripped of key provisions, including those to lower drug costs, Manchin's actions prevented its passage, highlighting the influence of corporate interests in politics and the healthcare sector.

  • What tactics does Celgene use to maintain a monopoly on Revlimid?

    Celgene, a pharmaceutical company, monopolizes the drug Revlimid for blood cancer treatment by implementing strict controls on drug distribution to prevent competitors from developing generic versions. By exploiting legal loopholes and emphasizing patent protection until 2027, Celgene effectively limits patient access to affordable alternatives, leading to significant price increases for Revlimid over the years.

  • Why did the AARP urge Congress to pass the Social Spending Package?

    The AARP urged Congress to pass the Social Spending Package to combat high drug prices that disproportionately affect senior citizens. With pharmaceutical companies like Celgene monopolizing drugs and preventing generic alternatives, the AARP recognized the importance of lowering drug costs through measures like allowing Medicare to negotiate prices directly with companies.

  • How have Democratic lawmakers, including Joe Manchin, been influenced by pharmaceutical companies?

    Democratic lawmakers, including Joe Manchin, have ties to pharmaceutical companies, benefiting from campaign contributions despite the impact on healthcare costs. Manchin's leadership pack received significant corporate contributions from companies like American Express, Goldman Sachs, and United Health Group, showcasing the influence of legal bribes on political decisions related to healthcare legislation.

  • What historical examples does the text provide to emphasize the need for organized pressure in politics?

    The text emphasizes the necessity of organized pressure to influence political decisions, citing historical examples like worker strikes during FDR's administration leading to the New Deal. It warns against relying solely on voting for Democrats, stressing the need for continuous pressure to counter corporate interests and ensure representation of the American people's needs in policymaking.

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Summary

00:00

Pharma Influence Blocks Lower Drug Costs

  • The Social Spending Bill aimed to lower pharmaceutical drug costs, allowing Medicare to negotiate prices directly with companies.
  • Democratic Senator Joe Manchin blocked the bill, which had already been stripped of key provisions, including those to lower drug costs.
  • Several Democrats in Congress are influenced by legal bribes from pharmaceutical companies, impacting healthcare costs.
  • Manchin's leadership pack received significant corporate contributions, including from American Express, Goldman Sachs, Lockheed Martin, United Health Group, and others.
  • Celgene, a pharmaceutical company, monopolizes the drug Revlimid for blood cancer treatment, preventing generic versions.
  • Revlimid's price increased from $6,195 in 2006 to $16,691 in 2018, with no generic alternatives available.
  • The AARP urged Congress to pass the Social Spending Package to combat high drug prices affecting senior citizens.
  • Celgene uses strict controls on drug distribution to prevent competitors from developing generic versions, exploiting legal loopholes.
  • Former Celgene CEO bragged about monopolizing Revlimid, emphasizing patent protection until 2027, prioritizing profits over patient access.
  • Democratic lawmakers, including Joe Manchin, have ties to pharmaceutical companies, benefiting from campaign contributions despite the impact on healthcare costs.

16:36

Corporate Influence in Politics: Wealth, Pressure, Representation

  • Manchin's daughter, through price gouging, amassed significant wealth in 2010, with the company's PAC and employees being major donors to Manchin's initial Senate campaign. Viardys is the top career donor to Manchin, including contributions from Milan in his subsequent Senate elections, highlighting the influence of corporate interests in politics.
  • The text emphasizes the necessity of organized pressure to influence political decisions, citing historical examples like worker strikes during FDR's administration leading to the New Deal. It warns against relying solely on voting for Democrats, stressing the need for continuous pressure to counter corporate interests and ensure representation of the American people's needs.
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