Last Friday the Chairman and Chief Executive Officer of Pfizer, Inc., urged President Biden to form a bipartisan coalition in Washington to address high drug costs.
Albert Bourla told Bloomberg Television in an interview that he believes there is a great opportunity for Biden to take the initiative to “reduce significantly the cost of medicines for the patients, which is the thing that is now problematic.”
He said the out-of-pocket costs that patients are paying need to be fixed and that pharmaceutical company executives would be willing to help cover the cost of such reform. However, he said they want to ensure their contributions would go directly toward lowering patient costs and not into the federal budget to be used for other things.
TSCL is happy to hear that. However, we also know that the big drug companies are spending millions of dollars lobbying heavily against legislation in Congress that would lower drug prices. So, we remain skeptical of his intentions until we actually see a proposal or proposals to do what he claims the drug companies want to do.