I am honored by your invitation to appear before you today. Together, we face two challenges. One reason is that we already spend enough money to do so. But not if we continue business as usual. Many Americans can't afford needed prescription drugs because they lack insurance, suffer low incomes, and can't afford high American prices.
Additional millions have skimpy coverage.
Yet American prescription drug spending per person this year will be the world's highest. Worse, people without insurance typically pay the world's highest prices for prescription drugs. That's because average American prices are highest in the world, and uninsured Americans pay prices above the average. And these are the economy's fat years, to paraphrase what Joseph told Pharaoh. The drug cost problem will probably worsen.