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.
The American Prospect is nonprofit, reader-funded journalism—and we need your help.
Our reporters dig deep, hold power to account, and explain how policy shapes people’s lives. If you value independent journalism that goes beyond the headlines, now’s the time to support it.
Here’s how you can help: • Donate to power fearless reporting
• Subscribe to get our print magazine 6x/year.