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WTH!.. Eliquis Costs $6,000 a Year? Kudos to the US Government for Forcing Price Cuts
Date: March 22, 2023
Author: Sarah J. Johnson, Medical Writer
In a shocking development, Bristol Myers Squibb has finally caved to mounting pressure and agreed to a significant price reduction for their popular blood thinner, Eliquis. Effective immediately, the annual cost of the medication has been slashed by approximately 20% from its previously inflated price tag of $7,600 per year.
The stunning news has left the healthcare community abuzz, with many questioning how such exorbitant pricing was allowed to occur in the first place. Critics have long slammed Eliquis for its steep costs, citing that it has unfairly placed financial burdens on patients, hospitals, and insurance providers alike.
"The prices charged for Eliquis are unacceptable," said Dr. Lisa D. White, a cardiologist with over 20 years of experience. "Patients deserve affordable access to the medications they need to stay healthy. I commend the government for their efforts to rein in these outrageous price increases."
In recent years, the United States has witnessed a proliferation of exorbitantly priced medications, many of which are patented and subject to the whims of the pharmaceutical industry. In the case of Eliquis, critics point to its lucrative revenue stream and Bristol Myers Squibb’s significant market share as the driving factors behind the excessive pricing.
According to recent data, the global market for Eliquis has reached staggering heights, with estimated annual sales totaling over $5 billion. Industry experts have attributed the medication’s runaway success to its high efficacy and relatively few side effects, making it a go-to choice for patients suffering from atrial fibrillation (Afib) and deep vein thrombosis (DVT).
Government agencies have long acknowledged the egregious pricing practices employed by pharmaceutical companies and have taken steps to address the issue. The U.S. Department of Health and Human Services, for example, has introduced the Medicare Part D pricing cap, aimed at curbing out-of-pocket costs for seniors.
Other governments have taken even bolder measures. In Australia, the government has introduced a price-controlled market, allowing for fixed price limits on pharmaceuticals, thereby making essential medications more affordable for its citizens.
The move by Bristol Myers Squibb to reduce Eliquis pricing marks a significant departure from their earlier stance, sparking debate among healthcare professionals about the effectiveness of these pricing controls.
As healthcare consumers continue to grapple with the daunting challenge of affording the latest and greatest medications, many remain optimistic that this development could set a crucial precedent for the industry.
"What we’re seeing here is a sea change in the way pharmaceutical companies operate," said Dr. Robert M. Hays, a prominent healthcare economist. "If other companies follow Bristol Myers Squibb’s lead, we might just be witnessing the dawn of a new era in pharmaceutical pricing."
Stay tuned for further updates as this story continues to unfold!
Keywords:
- Eliquis price cut
- Bristol Myers Squibb
- US government
- Pharmaceutical industry
- Pricing controls
- Medical pricing
- Health insurance
- Affordable healthcare
- Cardiology
- Deep vein thrombosis
- Atrial fibrillation
- Medication prices
Photo above – "No Mas! No Mas!" Bristol Myers Squibb has surrendered, and agrees to cut the price of it's most expensive drugs by more than half, saving patients and Medicare billions annually.
If you’re like me, you DON’T need to take Eliquis. It’s a blood thinner for people at risk of stroke and heart attack. And it costs $6,000 a year. Rather, it costs Medicare, Medicaid, and private insurers $6,000 a year, if you’re covered. If you’re not covered, you pay out of pocket. The Biden administration just cut the price of this drug in half. Kudos team Biden! See link below.
Credit goes to some anonymous wonks in the west wing. Biden couldn’t tell you what Eliquis is, or what it does. Neither could Kamala, but I’m sure she’ll find a way to start taking credit for this in her incessant campaign advertising on TV.
TV advertising for Eliquis is probably the reason it was costing $6,000 a year. Those ads were also incessant. On the evening news every night – all networks. The strategy was to scare sick people into calling their doctors and asking about Eliquis. A medicine which those doctors are already aware of. Including the outrageous price, and some lower cost alternatives. But if you call your doctor, and you’re covered by Medicare, they'll prescribe it evidently.
Eliquis isn’t the only medicine priced high because of never-ending TV ads. The US government also took aim at Jardience, Xaralto, Imbruvica, Junivia, and Mxyzptlk (I made that last one up. Extra credit if you know where it comes from).
If you watch the CBS evening news, you see ALL of these advertised, multiple times, during the 30 minute broadcast. CBS executives might claim they have their viewers best interest at heart. But in reality, they only want to keep senior citizens alive so that their audience share doesn’t decline any further.
Before the cheers get too load for this cost savings, let’s recognize that the price WON'T drop until 2026. What’s wrong with making it happen in 2025? Everyone is vague on that.
I’m all in favor of letting Big Pharma recover its R&D costs. Complying with FDA rules for testing can take 7 years or more. But when you see something advertised on TV all the time, there’s no research and development in the cost. That $6,000 a year was largely made up of advertising.
Just like the cost of a Big Mac, Coca Cola, Cheetos, and Twixt candy. There’s no research and development involved there too. The Coke formula was invented 150 years ago, in 1880. I don’t know when all beef patties, cheese and sesame seed buns were invented. If you think your junk food – like your medicine – costs too much, you can just stop buying it.
Related news – Starbucks' new CEO earns $85 million a year. Remember that the next time you order a Latte at the drive thru on your way to your $55,000 a year office job.
I’m just sayin’ . . .
~US strikes deal to cut cost of 10 drugs for Medicare users (bbc.com)~
View info-news.info by baltimore-aureole
Unfortunately it’s only for Medicare recipients. I have a feeling that the prices will only go up for non medicare.recipients to cover the gap and continue with record profits.