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Responding to a recent Yale study, which found that drug manufacturer Novo Nordisk is selling the popular type two diabetes drug Ozempic, which costs less than $5 to produce, for nearly $1,000, Sen. Bernie Sanders recently called on major drug companies to knock it off and stop price-gouging.Unfortunately, however, behind the scenes, he’s quietly working to allow them to raise costs even higher.In a recent press release, Sen. Sanders said, “The American people are sick and tired of paying, by far, the highest prices in the world for prescription drugs while the pharmaceutical industry enjoys huge profits,” and he made it clear that he’s using all the authority vested in him as the chairman of the Senate Committee on Health, Education, Labor, and Pensions to demand the companies in question stop this racket. Sen. Sanders provided a great statement, and I bet it riled his populist base of supporters. But his words are no different than those of the Wall Street-aligned government regulators who promised to hold the actors who exploited the American people during the 2008 recession accountable. They ring hollow and then some. Despite talking a great game against Big Pharma, Sen. Sanders is sponsoring legislation to help the drugmakers raise costs. Big Pharma has spent millions lobbying his colleagues to support and pass his bill, the Pharmacy Benefit Manager Reform Act, which will add regulations that make it more difficult for the private sector to negotiate better drug pricing deals with manufacturers. ...
