Cnbc
@cnbc·4.2M subscribers·16.1K videos
Why U.S. Pharmacies Overcharge
Posted
August 26, 2021
Views
313,271
Likes
4,859
Comments
1,227
Engagement
1.94%
August 26, 2021
313,271
4,859
1,227
1.94%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
16:06Now PlayingConcerns over prescription drug prices have grown into a big political issue, with nearly one in four Americans saying it's difficult to afford their medications, according to a March 2019 poll by the Kaiser Family Foundation. Pharmacies technically set their own prices for generic drugs, but there are other players involved that complicate the process. Here's how the system works and what customers can do to save money.
Americans are having a tough time paying for medications despite bipartisan efforts to drive down prescription drug prices.
Nearly 1 in 4 Americans say it’s difficult to afford their medications, according to a March 2019 poll by the Kaiser Family Foundation. This comes as pharmacies raked in a record $465 billion from prescriptions.
Lawmakers from both parties support lowering drug prices, but they haven’t had much success regulating the industry. In September 2019, U.S. Rep. Frank Pallone, D-N.J., introduced the Elijah E. Cummings Lower Drug Costs Now Act. The House passed the bill in December 2019, but it died in the Senate.
Former President Donald Trump also made a late-term bid in the fall of 2020 to try to lower drug costs, but the effort faced setbacks in court.
As regulation attempts have faltered, businesses such as GoodRx have tried to fill the gaps in the complicated pricing system. However, experts say non-systemic solutions are a Band-Aid on a bigger problem.
Chapters
» Subscribe to CNBC
» Subscribe to CNBC TV
» Subscribe to CNBC Classic
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news
Follow CNBC on LinkedIn
Follow CNBC News on Facebook
Follow CNBC News on Twitter
Follow CNBC News on Instagram
#CNBC
Why Pharmacies Overcharge
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
