Durbin Delivers Opening Statement During Senate Judiciary Committee Field Hearing In Chicago On Reducing Prescription Drug Costs

Floor Speech

“Today the Committee will examine an issue on the minds of many in Illinois and across the country: the high price of prescription drugs. It is a scandalous situation in America. People in the United States pay the highest prescription drug prices in the world—on average, four times more than people in similar countries pay for brand-name medications.

“For example: [when] the blood thinner Eliquis entered the market in 2013, it cost $3,100 annually in the U.S. Same drug for sale in Japan [was] $1,000. And, over the past decade, the price in the U.S. has more than doubled, from $3,100 to $7,100. Meanwhile, in Japan, the price has dropped… Why? For years, Big Pharma has abused our patent system to obtain monopolies on their medications, so they can charge these sky-high prices.

“At the same time, they have spent billions of dollars to fill the airwaves with ads so patients tell their doctors they need drugs like Eliquis so they can go skiing, fishing, and whitewater rafting. By fueling demand for expensive medications that are walled-off from competition by clever patent schemes, Big Pharma has made American patients their profit engine.

“Thankfully, this Administration and Democrats in Congress decided to do something about it. In 2022, Congress passed, and President Biden signed into law the Inflation Reduction Act. Not a single Republican voted for it. Under this law, we have capped the price of insulin at $35 per month, saving 50,000 seniors in Illinois approximately $500 a year. We have made vaccines under Medicare free. When the shingles or RSV vaccines can cost up to $300 per dose, this change creates real savings for 1.4 million seniors in Illinois. Starting in January, there will be a $2,000 annual cap on out-of-pocket costs for seniors—meaning, no matter how expensive your medications are, you will not pay more than $2,000 in co-pays per year.

“In August, the Biden-Harris Administration negotiated with Big Pharma to lower prices for 10 of the most expensive drugs under Medicare, resulting in price savings of up to 79 percent… As a result of this negotiation, nine million seniors will save a total of $1.5 billion in annual out-of-pocket costs—including nearly 300,000 seniors in Illinois who take one of these ten drugs. Remember Eliquis? Thanks to this new law, Medicare was able to permanently cut its price in half—taking nearly $300 off the monthly price tag—for more than 100,000 seniors in Illinois.

“But just as these historic savings are starting to take effect, there are real threats to our progress. Eight pharmaceutical companies raced to federal courthouses to stop this price negotiation. And former-President Trump and his Republican allies want to repeal this provision all together.

“Too often, the prices Big Pharma charges do not reflect scientific breakthroughs but, rather, manipulation by its lawyers and marketers. In fact, the top 10 best-selling drugs in 2021 were covered by an average of 42 active patents that block competition and create windfall profits.

“The Judiciary Committee has taken a leading role in addressing Big Pharma’s schemes. Last year, the Committee unanimously reported five bipartisan bills that addressed the industry’s anticompetitive tactics. This includes my bill with Senator Tillis to improve information sharing between the FDA and Patent Office to prevent gamesmanship. Congress needs to pass these bills into law.

“Drugs are not effective in treating disease if a patient cannot afford to buy them. Our hearing today will explore how legislation like the Inflation Reduction Actand the Judiciary Committee bills can help ensure every patient can access lifesaving medications.”

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