Overall inflation has surged by 9.1% since June of last year. Meanwhile, according to the Bureau of Labor Statistics, prices for prescription medicines grew by just 2.5%. As policymakers look to provide relief to Americans who feel the pain of inflation, it is important they focus on what is actually driving this problem.
A recent Morning Consult survey of 2,000 registered voters reinforces what government data says about inflation: Prescription drugs are not driving inflation for American households.
Half (51%) of Americans surveyed report spending “much more” for gas followed by groceries (37%) and utilities (19%) over the past 12 months. Among other contributing factors were vehicles, home repairs, travel, apparel, electronics and rent. One category for which voters were least likely to report spending “much more” in the past 12 months was prescription medicines (10%) and furniture (9%).
Tying the problem of high inflation to prescription medicines is not only incorrect, it misplaces the blame and doesn’t do anything for Americans struggling to make ends meet. Beyond the fact that drug prices aren’t driving inflation, the proposed “solution” of government price setting for prescription medicines is only now being touted as a way to deal with overall inflation. Such policies ignore the real problems Americans face and could lead to fewer new medicines and cures in the future.
There is a better way to help lower medicine costs for patients while preserving choice, access and future innovation.
Tell Congress: Patients deserve better.
Get more information and see resources around public opinion polling at PhRMA.org/Polling.