Today, UPI reported that a Congressional Budget Office analysis estimates that allowing Americans to buy prescription drugs from Canada and other countries would save nearly $7 billion over the next 10 years.
The analysis is based on legislation introduced by Senator Bernie Sanders (I-Vt), the Affordable and Safe Prescription Drug Importation Act.
As Sen. Sanders highlighted when the bill was introduced, ‘prescription drugs made by the same companies in the same factories are available in other countries for less than the price they’re sold for in the United States.’
Sen. Sanders also pointed out that Americans spend $1,112 per person on prescription drugs while Canadians spent $772 and Danes spent $325, according to a 2014 study.
Despite the potential cost savings, the bill has fierce opposition from Big Pharma lobbyists who are trying to protect their profits.
As the UPI story highlights, Big Pharma spent $78 million to lobby lawmakers in the first quarter of 2017, according to the Center for Responsive Politics.
The full story can be found here.