Part D 'windfall' for pharma, report says

Hear that whistling sound past your ears? It's a Medicare Part D windfall--or so says a House committee report released yesterday. The Committee on Oversight and Government Reform looked at Part D and found that taxpayers are paying up to 30 percent more for prescription drugs under that program than under Medicaid. "Medicare Part D has given the major drug companies a taxpayer-funded windfall worth billions of dollars," Chairman Henry Waxman said.

According to the committee, drugmakers reaped $3.7 billion more off Part D meds over the past two years than they would have selling the same drugs under Medicaid. As an example, Waxman cited Bristol-Myers Squibb's Plavix sales to Part D; they garnered an additional $400 million for the company, he said.

The ranking Republican on that committee begged to differ, however. Rep. Thomas M. Davis said the cost of Part D had come in nearly 40 percent lower than original estimates.

- read the Los Angeles Times story

Suggested Articles

CEPI, which started to help prepare the world for new outbreaks, has awarded Inovio and Moderna money for vaccine work against the new coronavirus.

The real estate impresario that built a chain of upscale drug recovery facilities is now building a gene and cell therapy CDMO near Philadelphia.

The seven-year Astellas venture served as a model for Amgen's recent $2.7 billion tie-up with BeiGene in China—and now it's amping up there, too.