Americans spend about $1,200 a year on average for prescription drugs. That's more than anywhere else in the world. Private insurers and government programs pick up the bulk of the costs which we then pay through higher taxes and insurance premiums.
A major reason why Americans pay so much more than other countries is that the U.S government isn't allowed to negotiate drug prices with pharmaceutical companies.
To better understand the underlying reasons for these astronomical prices, the U.S. House of Representatives Oversight and Reform Committee held hearings on Wednesday with current and former executives of three major drug companies.
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