*Disclaimer: The views expressed in this opinion piece do not necessarily reflect the views of AY Media Group.
We often hear about the fierce economic and geopolitical competition between the United States and China – and for good reason. America’s ability to compete and win on the global stage is critical for ensuring a safe and prosperous world because an American-led world values freedom, democracy, and individual liberty. However, America’s global leadership isn’t guaranteed forever, and some major challenges facing our country could make us lose our competitive edge, empowering our adversaries around the world.
Among these challenges is the state of our pharmaceutical market. Drug prices in the United States are the highest in the world by a country mile, and despite years of talking about it, lawmakers in D.C. have so far done little to fix it. The longer the drug pricing crisis goes on, the greater drag it will be on our economy and public health.
Prescription medications are an essential component of a thriving society in the modern era because they treat or even cure a plethora of conditions. When we increase access to life-saving treatments at affordable prices, we will have a healthier and more productive society that can continue leading the world. To be strong abroad, we must be healthy at home.
However, drug prices in America are exceedingly unaffordable – with the average American spending more than $1,000 a year on medicines in 2019. Even more concerning, many Americans are forced to skip filling prescriptions due to cost, putting them at greater risk of developing further health complications.
So how does the world’s greatest economy allow this to happen? Primarily, it’s because capitalism has all but vanished from the drug market entirely. Large pharmaceutical companies, otherwise known as “Big Pharma,” have warped the drug market into a tightly controlled monopoly where they have unchecked power to set prices. Instead of allowing for free competition in the drug market, Big Pharma uses shady tactics to prevent lower-price generic and biosimilar medicines from entering the market.
For example, Big Pharma is a master patent manipulator. By law, newly developed drugs are given around twenty years where they don’t face competition, after which point lower-cost alternatives can compete. Research shows that when generics enter the market, the overall price of the treatment – both the generic and the brand-name originator – falls significantly. To delay competition and keep prices high, Big Pharma will often prolong a patent’s monopoly period by slightly changing the drug’s formula, and even pay off their competitors to prevent competition from entering the market at lower prices.
These kinds of distortions go against the free-market values that have made America the greatest nation on earth. To allow it to continue will damage our global competitiveness at a time when the world needs American leadership.
Our Senator, Tom Cotton, understands better than anyone in Washington the importance of American leadership. He’s perhaps the foremost voice in promoting American competitiveness, and he’s taken on Big Pharma patent abuses consistently during his time as Senator.
Right now, there are a number of policies being considered in the year-end spending package that would prevent Big Pharma’s patent manipulation schemes and restore capitalism to the pharmaceutical market. There is a real opportunity to pass these bills, passed out of committee with bipartisan support, which include substantial savings for patients and taxpayers. As a recognized leader in fighting against Big Pharma’s monopoly drug pricing power, his support for these cost-saving measures could pave the way for increased competition in the American market.
At a time when American global leadership is being challenged like never before, creating a more competitive and free drug market will help the American people thrive.
State Representative Aaron Pilkington represents District 45 which includes portions of Johnson and Pope counties. He is a member of House Public Health, Welfare, and Labor Committee and earned his master’s in healthcare administration from UAMS.
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