Readers might be wondering that after hearing the pharmaceutical industry is pledging itself to $80 billion in savings on drug prices over the next decade. According to the Centers for Medicare and Medicare Services the country will spend more than $3.5 trillion on drugs over the next decade. This means that the drug industry’s offer is equal to a bit more than 2 cents for every dollar of revenue. By contrast, if drugs sold in a competitive market, without patent monopolies, the savings would probably be more than $3 trillion.
–Dean Baker
