Medical insurance and pharmaceutical companies are predatory. The number one cause of bankruptcy in the United States is health care. This is a growing concern as our population ages. Unfortunately, we have all lost someone to cancer. A troubling but important statistic from the American Journal of Medicine explains that 42% of cancer patients will lose their entire life savings within the first two years of treatment.
The total cost of cancer care in America reached an estimated $183 billion in 2015. Ten years later, that figure is set to rise by 21% to $222 billion. Different cancers require different treatments. The US currently allows Big Pharma and insurance companies to charge and cover what they see fit. CAR T-cell therapy, for example, treats lymphoblastic leukemia but can cost up to $475,000 per patient. Kimmtrak treatment for melanoma could cost $975,520. T-cell lymphoma patients could pay $842,585 for Folotyn treatments. The costs are simply astronomical, as are the profits for Big Pharma.
Turning back to the study by the American Journal of Medicine, around 85% of cancer patients will be forced to leave the workforce at no fault of their own. Within the first two years, 42.4% of patients empty their entire life savings on treatments, with the average net worth declining by $92,098. By year four, 38.2% deplete all their assets and are forced to pay $51,882 on average.
I am not advocating for universal health care where the quality of care drastically declines. I am advocating for measures on the pharmaceutical and insurance companies that have free reign over the lives of millions. Few politicians on the right or left speak out against this mass injustice because these same organizations line their pockets.
The Inflation Reduction Act allowed Medicare to negotiate the price of certain drugs based on what Big Pharma sees as a “maximum fair price.” Part D drugs will be subjected to this law in 2026. Donald Trump, in his first term, demanded transparency from hospitals and required them to list the prices of procedures, but that has not been adopted on a large scale basis.
Look at the most recent election. Eli Lilly under the Lilly PAC donated over $180,000 to politicians running for the House and Senate on the right and left. Then individual CEOs donated the maximum individual contribution permitted by law. CEO David Ricks paid off Republican Congressman Brett Guthrie from Kentucky and donated to two PACs, including the Carolina Victory Fund, which donates solely to Democratic candidates.
Johnson and Johnson has the J&J PAC that paid out $500,000 from 2023 to 2024 to both Republicans and Democrats. AbbVie has its own super PAC as well, and CEO Robert Michael pays into the PAC monthly. Merck & Co. has the Merck PAC and paid out over $300,000 to members of the House and Senate. CEO Robert Davis shelled out the maximum personal contribution to candidates on both sides. Amgen has the Amgen PAC and a CEO who also donates to candidates but favors Republicans. Pfizer, of course, has become a Democratic-leaning organization. The Pfizer PAC donated 63% of funding to Democrats compared to 37% to Democrats.
America permits pharmaceutical super PACs from outside the US to influence our politicians. Novartis, Novo Nordisk, Roche, and AstraZeneca all donated to candidates during the 2024 election period. Yet, everyone was concerned about foreign interference.
Two wings on the same bird, Washington is filled with corrupt individuals who serve their own private interests. These companies could charge a fair amount for procedures and still make a profit. There is absolutely no reason for people in the richest nation in the world to face bankruptcy when they fall ill. Who will be brave enough to tackle Big Pharma and the insurance companies? Or should I say, who cannot be bought?
