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Expand chart
Reproduced from the Ways and Means Committee; Table: Axios Visuals

Americans would save a boatload if we paid the same prices as other wealthy countries pay for prescription drugs, a new analysis from the House Ways & Means Committee confirms.

Why it matters: This is why the industry is so staunchly opposed to both President Trump's and House Speaker Nancy Pelosi's plans to piggyback off of other countries' lower prices.

Where it stands: Most countries included in the analysis have average drug prices that are between 24% and 30% of U.S. prices. Government regulations keep drug prices lower in these countries.

  • Those U.S. prices don't take into account rebates and discounts, which bring down the price most insured patients actually pay.
  • The average rebate in Medicare Part D is about 22%, according to a 2015 estimate from the Congressional Budget Office. Those rebates would have to be significantly bigger to match other countries' prices.

The other side "International comparisons link list prices in the United States — that almost nobody pays — to these artificially low prices set by governments in other countries," PhRMA spokesperson Holly Campbell said.

  • "In every country where the government sets medicine prices, patients face significant restrictions in accessing new medicines and long treatment delays," she added.

Yes, but: Many patients with high deductibles or no insurance at all pay the list price for their prescriptions, leading to unfilled prescriptions and other medication adherence issues.

Go deeper

Biden administration unveils 3-pronged plan to combat domestic extremism

Photo: Alex Wong/Getty Images

White House press secretary Jen Psaki announced at a briefing on Friday that the Biden administration will roll out a three-pronged, interagency plan to assess and combat the threat posed by domestic violence extremism.

Why it matters: The federal government's approach to domestic extremism has come under scrutiny in the wake of the Jan. 6 attacks on the Capitol by a pro-Trump mob. In his inaugural address, Biden repudiated political extremism, white supremacy and domestic terrorism, vowing to defeat them.

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1pm the day after the article is transmitted.