By Jessica Taylor
As a student nurse about to enter the workforce, I am concerned about how rising drug prices increase costs across the healthcare system and for every Oregonian. The pharmaceutical industry is playing a game that has no rules and patients are losing. Prescription drug prices are growing faster than any other health care sector. That's because the pharmaceutical industry prioritizes profits over patients and continues to arbitrarily increase the prices of their drugs.
For instance, the life-saving drug Sovaldi for Oregonians suffering from Hepatitis C costs $84,000 here, while it sells in other countries for $800. There is no justification for this price gouging and we have no transparency into why Gilead, the huge multi-national manufacturer, charges this amount. Nor do we know why the cost of insulin has tripled or a common arthritis medication has increased more than 1000 percent. Clearly, the market for prescription drugs isn't working.
That's why the Oregon Nurses Association is part of a broad coalition working to pass House Bill 2387, the Oregon Affordable Drug Prices Act, for affordability, fairness, and transparency in drug pricing.
HB 2387 will bring immediate relief to Oregon patients by capping prescription drug co-pays between $100 and $250 for those covered by small group or individual insurance plans.
The bill also brings much needed transparency to drug pricing. Manufacturers that increase the price of a medication by more than 10 percent a year or introduce a new drug at more than $12,000 a year will be required to report their costs associated with research and development, advertising and direct-to-consumer marketing costs to the Oregon Department of Business and Consumer Services. They also would be requird to report expected profits and show how the price compares to other industrialized countries.
If the information reported doesn't justify the price of the drug, the manufacturer must pay into a Premium Protection Fund, which would ensure that the high prices they charge don't drive up insurance rates. This will make the market more competitive, increasing innovation and releasing the stranglehold drug companies have on patients' health.
I am going into nursing because I want to help people and I want them to have access to the medications they need. But if drug costs keep skyrocketing, I will have to join those who have gone before me in breaking bad news to patients as their prescription prices increase and become out of reach.
The powerful pharmaceutical industry is spending a lot of money to defeat HB 2387 and with only a few weeks left of the legislative session, something needs to happen now. Please learn more about the Affordable Drug Prices Act and find ways you can help. It's time for us all to stand up to Big Pharma and prioritize our health over their profits.
Jessica Taylor is a member of a member of Oregonians for Affordable Drug Prices Now. She lives in Northeast Portland.