Among the 10 largest pharmaceutical companies by revenue, seven spent more on marketing expenses in 2020 than research and development.
What’s to blame for the high costs of our health care system? It depends on who you ask. Drug manufacturers will point to the high cost of health insurance, and health insurers will point to the high cost of drugs.
Last month, PhRMA, a research and lobbying group for the pharmaceutical industry, released its Barriers to Health Care Access and the Patient Experience report, which highlights the financial struggle health insurance and out-of-pocket costs pose for Americans. The report noted that 59% of survey respondents would rather pay lower out-of-pocket costs than health insurance premiums, and that “Health insurance benefit design and out-of-pocket costs are barriers to care that can lead to non-adherence.”