Drug patent monopolies have long been detrimental to the general population. In 2017, the U.S. spent over $450 billion (2.4 percent of annual GDP) on prescription drugs, an amount that would probably have been one fifth of that total if there were no government-granted drug patent monopolies. Furthermore, in world history’s richest country, it is absurd that about 20 percent of seniors regularly cannot afford their medication. That happens as the top five biggest pharmaceutical corporations made a combined $50 billion in profits for the year too.
Gleostine, which had its patent expire recently, is the latest example of this systemic pharmaceutical failure. The drug companies must be reined in, or these outrages will keep continuing into the future.
Critics of the pharmaceutical industry have expressed outrage over a Wall Street Journal analysis that found the owner of a 40-year-old cancer drug used to treat brain tumors and Hodgkin’s lymphoma has hiked the cost of the medication by 1,400 percent since acquiring it in 2013.
Lomustine, which was introduced in 1976, “has no generic competition, giving seller NextSource Biotechnology LLC significant pricing power,” the Journal reports, noting that lomustine is just “one of at least 319 drugs for which U.S. patents have expired but which have no generic copies, according to a list the agency published earlier this month.”
While the U.S. Food and Drug Administration is reportedly working to speed up the approval process for generic versions of these drugs, some critics say the report demonstrates a need for a broader overhaul of the nation’s healthcare system, with the Robin Hood Tax campaign citing it as evidence for “why we need” Medicare For All, which has been promoted by Sen. Bernie Sanders (I-Vt.) and a growing number of Democrats in Congress.
“This is simply price gouging, period,” concluded Henry Friedman, a neuro-oncologist at Duke University who wrote an editorial criticizing the lomustine price hikes earlier this year. “People are not going to be able to afford it, or they’re going to pay a lot of money and have financial liability.”