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Currently, across South Carolina, many hardworking families and senior citizens are facing an ever-mounting crisis: the high cost of prescription drugs. For too long, Big Pharma has implemented anti-consumer and anti-free market practices that have caused monopolies to form, generic options to disappear, and prices to rise. Meanwhile, leaders in Washington have stood idly by and have failed to enact real reform that will bring the cost of prescription drugs down and ensure a free and fair market for name brands and generics alike. As a father of a child with multiple daily prescription drug needs, I have had enough and reform is needed now.
The case for pharmaceutical reform is rooted in the free-market principles that built our country and economy. However, these principles are under attack by Big Pharma companies. They have engineered a system that will maximize their profits at the expense of the American people. From evergreening patents to stifling generic competition to opaque pricing practices, one thing is clear—Big Pharma cares more about profits than patients.
For example, Big Pharma companies regularly pay off generic drug manufacturers to delay the entry of more affordable alternatives into the market. In just one case, a name-brand drug company made an additional $2.5 billion in sales by delaying patient access to cheaper generics for nearly two years. Tactics like these clearly undermine the core principles of American capitalism, where competition drives innovation and affordability rather than filling the pockets of Big Pharma. At the same time, Americans struggle to afford vital medications.
In a genuinely free market, practices like these would never happen. Instead, generics would enter the market sooner, thereby increasing competition, expanding drug supplies and options, and lowering costs without government interference.
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Unfortunately, this is not a new issue. In 2019, patent abuse by Big Pharma companies generated more than $40 billion in additional costs for consumers and taxpayers, averaging roughly $120 for every American. These are costs that Americans are not responsible for, are not benefiting from, and should never have to pay.
To make matters worse, Big Pharma companies have abused the patent system in addition to setting up unjustifiably high and climbing list prices for vital drugs. Using GLP-1 drugs, for example, pharmaceutical manufacturers charge patients more than $1,000 per month for a product that can be manufactured for less than $5. Given this markup, it’s no surprise that expanded Medicare coverage of GLP-1 drugs will increase federal spending by a staggering $35.5 billion between 2026 and 2034.
Big Pharma’s unchecked pricing power is clearly burdening taxpayers, who continually enrich Big Pharma companies with their hard-earned money.
The need for meaningful reform from Washington is long overdue. Thankfully, President Trump and Secretary Kennedy are committed to challenging Big Pharma’s anti-consumer and anti-free market practices. However, we need Congress to join in these efforts, especially our South Carolina delegation, due to the number of hardworking families and senior citizens across our state who rely heavily on essential medications for severe medical conditions.
It’s ridiculous that the people of the greatest country in the world pay 422% more for name-brand drugs – many of which are made in this country – than people in other countries. By curbing monopolistic practices and demanding greater transparency, we can forge a path toward a free-market system where innovation and fair pricing are at the forefront. It’s long past time to put patients before profits in our healthcare industry.
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ABOUT THE AUTHOR…
Michael Burris is the CEO of the South Carolina Policy Council, a free-market public policy research organization dedicated to promoting innovative and practical solutions to the state’s everyday issues and economic challenges.
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4 comments
Thank you for what you are trying to do Mr Burris!
One thing, though. It is not just “Big Pharma”. It is “Big Medical” (often in bed with “Big Pharma”), and “Big Dental”. The Dental industry in this country is geared towards two things. One is generating as much revenue as possible and the other is to keep their victi, er, “patients” on the hook for painful and expensive procedures throughout their lifetime. Gotta pay for that new car, vacation home, or next luxury cruise, somehow! Oh, for added fun, let’s make it as painful and uncomfortable as possible. Notice how few dental offices are equipped with nitrous oxide, anymore. In the rare event that they have it, they use it so sparingly as to be almost useless. “But why make a patient comfortable when we can enjoy inflicting pain? After all, we aren’t the one feeling pain or dealing with anxiety, so why should we care?”
Observer you forgot “Big Insurance”. It’s all a fraud designed to rape consumers.
Jbl1a, you are so right! Sorry about that omission. The insurance industry (life, health, home, auto, and more) is a scurvy entity, designed to take as much money as possible from its victims, while paying little or nothing out. “Let’s minimize what you should be getting, or deny your claim altogether.”
Free Luigi! Clone Luigi!
What rock have you been living under Mikey? Trump is horny to slap pharmaceutical tariffs and is gifting Big Pharma a longer timeframe to resist negotiating prices with Medicare. His executive order means nothing. Anyone who believes he will followup on this has maybe forgotten his long list of broken promises from ending the war on Ukraine and solving Gaza on Day 1 to lowering prices. Every word out of his glutinous mouth is bullshit.