Michael Hiltzik: Biden says he wants to bring down drug prices. His actions tell a different story
You might get the impression from the Biden administration's insulin price cut and its initiative allowing Medicare to negotiate over other pharmaceuticals that the drug pricing issue is finally being taken seriously in Washington.
Sadly, no.
The evidence that nothing much has changed arrived just this week, with a notice from the Department of Health and Human Services rejecting a petition for a price cut on Xtandi, a wonder drug for prostate cancer that was developed with public funding at UCLA.
The drug is marketed in the U.S. by Pfizer and the Japanese drug company Astellas for $189,800 a year. In Canada, a year's supply costs $32,558, and in Japan it costs $31,594. Neither country contributed a dime to Xtandi's development. In no other developed country does it cost more than $57,000.
The action by HHS
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