To the Editor:
The United States pays the highest prices for prescription drugs in the world. In other countries, these drugs can cost 40 to 50 percent or even less than in the U.S. The drug companies, many which are based outside of the U.S., say that they must charge such high prices because of research and development.
The U.S. government contributed $484 million to the developing a cancer drug called Taxol. Then a licensing agreement with Briston-Myers Squibb gave that company a $9 billion Taxol income. The U.S. got only $35 million in returns for their $484 million investment.
No other company in the U.S. spends as much money on lobbying as does Big Pharma. Somehow these drug companies feel it is the duty of the United States to subsidize drug prices?
Taxpayers paid to develop this drug and now taxpayers get to pay once again to use it. Medicare alone paid almost $700 million over five years to buy a drug the government help to develop.
If this makes you angry, call your congressmen/women.