Americans pay the highest drug prices in the world for absolutely no good reason. The drug companies will tell you that it’s because American consumers are financing “innovation,” but the real reason is that the U.S. doesn’t have price control laws that limit what drug companies can charge, unlike much of the world and every wealthy country. And U.S. senators, both Republicans and Democrats alike, are each raking in thousands of dollars every year from the pharmaceutical industry.
The CEOs of America’s largest drug companies will testify on Capitol Hill today. But will U.S. senators really hold their feet to the fire after taking so much money from those same drug companies?
This is how money in politics distorts things for us.