In America, nobody should have to wake up at 3AM worried about how they’ll afford their prescription drugs and still put food on the table for their family. But today, 3 in 10 Americans don’t take their medication as directed because they can’t afford the skyrocketing cost of prescription drugs. 1 in 5 Americans report having trouble paying for basic necessities like food and housing because of their prescription drug costs.
While families struggle to make it to the end of the month, pharmaceutical companies are turning record profits. They’re spending nearly as much on advertising as R&D. They’re manipulating their market power to hike prices on lifesaving generic drugs. They’re making twice the profit of the average industry in America and still increased drug prices by 10.5 percent over the past six months alone. Meanwhile, they are charging dramatically higher prices to American consumers.
What has Donald Trump done? Refused to put people over profit and handed Big Pharma and the health care industry a $100 billion tax cut instead. Drugmakers used the windfall to enrich their shareholders and families have been slapped with double-digit price increases on 2,500 drugs since Trump took office.
Kamala believes it’s time for that to change. When Harris is president, families won’t wake up at 3AM worried about the cost of their prescription drugs. As president, she’ll require pharmaceutical companies to set fair prices for prescription drugs and tax profits made from abusive drug prices at a rate of 100 percent. These profits will go back directly to consumers. And if Congress refuses to act within 100 days, the Harris Administration will investigate price-gouging by pharma companies on her own and take executive action to lower the cost of their drugs.
Here are key points from Kamala’s plan to set fair prescription drug prices:
- Stop pharmaceutical companies from price-gouging patients by giving the Department of Health and Human Services (HHS) the authority to set a fair price for what they can charge for prescription drugs.
- End the pharmaceutical company tax loophole for direct-to-consumer advertising expenses.
- If Congress fails to act, Kamala will launch an investigation of all major prescription drugs whose pharmaceutical companies are price-gouging patients.
- For companies that are price-gouging, Kamala will step in and use regulatory authority to intervene and lower the cost of a drug.