Money Talks: The price of cheaper medicines
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 21 September 2023
⏱️ 47 minutes
🧾️ Download transcript
Summary
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One of the many aims of President Joe Biden’s signature legislation, the Inflation Reduction Act, is to cut the cost of drugs prescribed by Medicare, a government health insurance programme for Americans 65 and over. But the policy could have some side-effects for patients far beyond the US.
Hosts: Tom Lee-Devlin and Mike Bird. Contributors: Shailesh Chitnis, The Economist’s global business correspondent; Tricia Neuman, a senior advisor to Mr Biden; and David Fredrickson of AstraZeneca.
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Transcript
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| 0:00.0 | As Nigel opened his Amazon parcel, it was in love at first sight, sleek design and effortless cornering. |
| 0:07.0 | This vacuum cleaner screamed quality and for a price lower than he ever dreamed, five stars from Nigel. |
| 0:15.0 | With star reviews from you and star prices from us, start your search on Amazon today. |
| 0:21.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:28.0 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:33.0 | This U.S. territory is a fast-growing hub for innovators. |
| 0:37.0 | Puerto Rico boasts numerous tax credits, business incentives and world-class talent that take your business to the next level. |
| 0:45.0 | Find out why at investpr.org. Game changers, welcome home. |
| 0:55.0 | I think there's probably no scarier words than David, you have cancer. |
| 1:02.0 | Everything changes in that moment, everything. |
| 1:05.0 | You suddenly realize you're no longer in control of your life. |
| 1:09.0 | Cancer takes over and it has control. |
| 1:13.0 | David Mitchell, now 73, was diagnosed with cancer back in 2010. |
| 1:19.0 | Multiple myeloma is an incurable blood cancer that attacks your bones. It also can attack your kidneys. |
| 1:27.0 | Fortunately, it can be treated. |
| 1:30.0 | But David's doctors don't know how long the drugs will continue to work and they don't come cheap. |
| 1:36.0 | The Ford drug combination they had in the end carries a list price of more than $960,000 a year. |
| 1:44.0 | David lives in Maryland and is one of 65 million Americans covered under Medicare, |
| 1:49.0 | which is a health insurance program provided by the federal government. |
| 1:53.0 | But the scheme only helps with part of his drug bills. |
| 1:57.0 | I'm spending more than $18,000 a year out of pocket for oral drugs under Medicare. |
| 2:06.0 | So, David launched a consumer lobbying group called patients for affordable drugs to lobby for lower prices. |
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