John Tierney: “my amendment is rather brief. What it does is it seeks to have this following subparagraph, ``the conduct of research on…”

“my amendment is rather brief. What it does is it seeks to have this following subparagraph, ``the conduct of research on methods to reduce the costs to consumers of obtaining prescription drugs,'' be included in this bill. Mr. Chairman, prescription drugs can improve health care, and it can save lives. But these benefits cannot be realized unless patients can afford their medications. H.R. 2506 already requires research on ways that new and appropriate uses of drugs can improve health quality and costs. Our amendment would simply add support for research on ways of promoting prescription drug affordability as well. Pharmaceutical manufacturers may argue that reducing prescription drug costs to consumers will reduce the profit incentive that drives researchers to develop new drugs. But, Mr. Chairman, that is a myth. Currently, the drug companies enjoy such large profits that they have ample room to cut costs without sacrificing research. The largest pharmaceutical manufacturers spend less on research and development than they make in pure profit; and the size of that profit is, indeed, substantial. The drug industry is three times more profitable than the average profitability of all other Fortune 500 industries. Moreover, if individual U.S. purchasers paid less, the drug manufacturers would likely continue to maintain their high-profit levels.”