Today pharmaceutical manufacturer Eli Lilly joined other major drug
companies Pfizer, Novartis, and GlaxoSmithKline in offering a prescription
drug discount program for low-income senior citizens. Congressman Bernie
Sanders (I-VT) applauded Eli Lilly’s announcement but cautioned that it is
no substitute for a comprehensive Medicare prescription drug benefit.
Sanders has offered legislation that would substantially lower the price
of prescription drugs for all Americans and would provide the strongest
Medicare prescription drug benefit yet brought forth in Congress.
Sanders said in a statement. “Eli Lilly’s new program will undoubtedly
help many seniors afford their prescription drugs, but programs like this
do not substitute for comprehensive prescription drug price reform and a
Medicare prescription drug benefit. Under the Lilly proposal, the AARP
estimates that perhaps 2 million older people will be eligible, out of
about 12 million who lack prescription drug insurance coverage. Clearly,
we’ve got to go a lot further than that.”
The program, which will provide a 30-day supply of any drug made by Eli
Lilly for $12 to individuals with incomes below $18,000 or $24,000 for
households, represents a major price concession for several popular drugs
made by the company. For instance, Zyprexa, Lilly’s $3 billion blockbuster
anti-psychotic medication, will be discounted from $495 a month to $12—a
97.5% discount!!!
Sanders continued, “Pharmaceutical companies are finally reacting to
legitimate public outrage caused when seniors experience such massive
sticker shock at the pharmacy counter. Eli Lilly’s new program is
admission that many seniors simply cannot afford the inflated prices
pharmaceutical companies demand.”
Even though the Eli Lilly’s announcement was a positive move, it hardly
represents that kind of sweeping reform that Americans need from the most
profitable industry in the nation. Also, as an article in today’s Wall
Street Journal makes clear, this action by Eli Lilly is part of “the
pharmaceutical industry’s effort to stave off government negotiated drug
price controls.” Sanders noted that last year the pharmaceutical industry
amassed over $30 billion in profits, outpacing every other industry and
topping the Fortune 500 rankings. Sidney Taurel, Chairman, President, and
CEO of Eli Lilly, made over $19,000,000 in compensation in 2000. He also
has more than $73,000,000 in unexercised stock options.
Sanders concluded, “Eli Lilly is now the fourth company to reduce
prescription drug prices for low-income seniors. Clearly the
pharmaceutical industry is feeling the pressure from millions of seniors
who are tired of being ripped-off by profitable drug companies who sell
Americans medicine at far higher prices than anywhere else in the world.
While the actions on the part of drug companies are an important step
forward, they are no substitute for Congressional action. I intend to do
everything I can to see that Congress passes the strongest prescription
drug coverage under Medicare that is possible.
For More Information:
Visit the PRESCRIPTIONS
section.
Contact:
Dustin May at (202) 225-4115
