The correlation between drug prices and 'innovation' in pharma R&D is a long-accepted stock retort against efforts to regulate soaring medical costs in the US. There's just one problem: it's a lie. Via WIREDUK
Every so often, there are small glimpses behind the curtains into how pharmaceutical companies actually decide on a drug price. An example of this is the hepatitis C drug Sovaldi, which was put on the market in 2013 for a steep $84,000 per 12-week course.
In other countries, the price paid for a drug is decided by bodies that look at the value the drug provides. In the United Kingdom, for example, the National Institute for Health and Care Excellence lands on the value of a new medicine by working out how much it costs to give a patient an extra year of “quality life” in comparison to current treatments on offer. If the drug offers too little value, NICE won’t recommend it to the National Health Service.
In the US, things may be beginning to slowly move in this direction. Under the new Inflation Reduction Act, Medicare will be allowed to negotiate prices for a small selection of drugs.
Wouters doesn’t see his paper as a game changer, but it's another weapon in the arsenal of those with power to refute excuses made by pharmaceutical companies. “I never thought this was a gotcha,” he says. “No, we always expected this to be the case. But I’m a firm believer that we need some evidence to point to.”
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