By William Lazonick, Matt Hopkins, Ken Jacobson, Lenore Palladino, Mustafa Erdem Sakinç, and Öner Tulum “It’s time for business executives, employees, and taxpayers to come together to help get us out of the pandemic and create conditions for a sustainable and equitable future Here are the key ways to respond to the coronavirus crisis and prepare for the future.”… [Click HERE to read […]
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By William Lazonick, Matt Hopkins, Ken Jacobson, Mustafa Erdem Sakinç & Öner Tulum ◊ Price gouging in the US pharmaceutical drug industry goes back more than three decades. In 1985 US Representative Henry Waxman, chair of the House Subcommittee on Health and the Environment, accused the pharmaceutical industry of “gouging the American public” with “outrageous” price increases, driven by “greed on a massive scale.” Even in the wake of the many Congressional inquiries that have taken place since the 1980s, including one inspired by the extortionate prices that Gilead Sciences has placed on its Hepatitis-C drugs Sovaldi since 2013 and Harvoni since 2014, the US government has not seen fit to regulate drug prices. UK Prescription Price Regulation Scheme data for 1996 through 2010 show that, while drug prices in other advanced nations were close to the UK’s regulated prices, those in the United States were between 74 percent and 181 percent higher.