My Turn: Big Pharma puts profits above basic decency
We are called upon to do unto others as we would have them do unto ourselves. This sacred principle demands we treat others with basic decency and don’t exploit our fellow man. It’s a saying unfamiliar to our pharmaceutical companies. Big Pharma exploits ordinary Americans just to achieve maximum profit. That’s now how it’s supposed to be.
North Carolinians especially know the hardship of medical care right now. The big drug makers hiked prices on their products at the beginning of this year, even though more Americans are feeling the pinch of tough economic times. A majority of North Carolinians are worried about skyrocketing drug prices, with nearly a third of state residents foregoing a prescription, cutting pills in half, or skipping a dose of medicine.
While ordinary people suffer, Big Pharma reaps record profits. COVID vaccines brought in $90 billion in profits for the industry. Pfizer’s 2022 revenues were the highest in the drug giant’s history. Pharma giants such as ANI and Valeo have reported record quarterly earnings this year. They’re getting richer, while hard-working North Carolinians can barely afford their prescriptions.
That’s not right.
It would be one thing if these companies made massive profits through good, old-fashioned entrepreneurship and ingenuity. America has always been the land that rewards those who work hard to deliver a great product. But honest business isn’t how they’re raking in billions. Many of these companies corner the market and fix prices to enrich their bottom line.
There may be no greater offender in this category than the major drug distributors. Just three companies (AmerisourceBergen, McKesson Corp and Cardinal Health) control 85 percent of the market. The giants have a reputation for price-fixing. Earlier this year, McKesson was forced to fork over $141 million as part of a settlement over claims it benefitted from a price rigging scheme. AmerisourceBergen and Cardinal Health have both had to settle claims over allegations of price-fixing and other behavior to manipulate the market.
They’re not alone. Twenty-six drug companies are being sued by North Carolina and nearly every other state over alleged price fixing.
These are business practices that violate basic morals. There’s nothing wrong with companies making money the right way. But market monopolies and price-rigging schemes violate the basic teachings our country was founded on. These practices are made worse in that they come at the expense of our sick and needy. People require these drugs to survive, and greedy pharma companies take advantage of that pain to make a bigger buck. It’s downright sinful.
Like any bad actor caught doing wrong, Big Pharma tries to shift blame onto others. The industry wants to place more restrictions on pharmacy benefit managers (PBMs), which are third-party groups that negotiate for lower drug prices with the drug giants on behalf of consumers. It’s no mystery why Big Pharma wants to restrict PBMs–they hurt Big Pharma’s bottom line.The real answer to the drug price crisis is to empower the free market to take down Big Pharma’s dominance. If the giants no longer had a stranglehold over the marketplace, businesses with proper morals and a commitment to solid business practices would succeed. North Carolinians are tired of having no choice and paying outrageous prices for the drugs they need.
Our lawmakers should listen to their concerns and do what’s right. The drug giants need to be reined in and learn the Golden Rule. We’ve had enough of their immorality.
Chris Williams, a former pharmacy technician, is a Gaston County conservative activist.
This article originally appeared on The Gaston Gazette: My Turn: Big Pharma puts profits above basic decency
