Kenneth Frazier, a chief executive of Merck & Co. and chairman of the industry lobbying group Pharmaceutical Research and Manufacturers of America, wants you to know why drug prices have gotten so out of hand.
According to Frazier:
“Merck has increased the prices of its drugs on a yearly basis, but we’ve tried to be constrained in how we’ve done it, in a way we think doesn’t prevent people from affording our drugs. There’s a huge challenge we face between trying to optimize access to our drugs in whatever pricing we establish, and trying to ensure that you have the resources to continue to pursue the next generation of drugs. We try to take a responsible, balanced approach.”
When asked by the Wall Street Journal, “What would be a way to link the price of drugs to the value they bring?” Frazier replied: