On the recordMay 2, 2001
I do think it is hard for the American people to understand why they are paying so much higher prices for prescription medicines than any other people around the world. The answer to that is really quite simple, because every other country around the world has some kind of restriction on the price of prescription medicine. So, compared to what they pay, we are footing the entire bill. A lot of the drug manufacturers have weighed in on this issue of prescription drug coverage under Medicare because they fear that what may result is the American people might end up paying the same lower prices as the people all around the world are paying. Of course, that would significantly cut into their profits. But the American people deserve to know why it is that when you walk into your local pharmacy, you have to pay over twice as much for prescription drugs as you do any other place in the world.
Source
govinfo.gov




