(AmericanProsperity.com) – Gilead Sciences released the pricing structure for a new COVID-19 drug on Monday, June 29. But, the steep price has drawn criticism from a variety of sources concerned by the rising cost of healthcare. The company also received significant funding from taxpayers during the drugs’ development, leading others to question whether they should have worked harder on affordability.
But is the new pricing structure really unfair? Or, is it evidence of an attempt to bridge the gap between funding new work and making the drug accessible?
Gilead clarifies their position in a recent tweet:
We announced the price today for our investigational antiviral for the treatment of COVID-19. We believe our unique approach will provide broad and equitable access. Read more from our Chairman & CEO: https://t.co/rrEbrDxrLk. pic.twitter.com/9ElSExqSU3
— Gilead Sciences (@GileadSciences) June 29, 2020
Remdesivir is known to speed the recovery of patients severely ill with COVID-19. The price for a typical treatment of the drug will be $2,340 for government health programs and $3,120 for private health insurance plans. This high number starkly contrasts the $600 price tag generic drug companies plan to set in developing countries.
Breaking news: President Trump has secured more than 500,000 treatment courses of the drug remdesivir for American hospitals through September.
— Alex Azar (@SecAzar) June 29, 2020
Gilead Sciences received nearly $70 million from taxpayers over the past few months to help the company pay for development. The Department of Health and Human Services (HHS) has secured 500,000 courses of treatment of the drug for US hospitals, ensuring that American innovation and tax dollars serve Americans.
As healthcare costs have continued to rise in recent years, learning to price new, revolutionary drugs during a pandemic has proven difficult.
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