Hillary Clinton this week promised to cure Alzheimer’s disease inside of a decade—even as she bemoans the tragedy of the Hepatitis C cures that are on the market today because she feels the prices are too high. That isn’t the only contradiction—or outright falsehood—dominating the political debate over pharmaceuticals.
Also this week the Health and Human Services Department created a “dashboard” that claims to show what Medicare’s drug-benefit program spent on individual drugs over the last five years. “You’ve probably heard about—or seen on your drug store receipt—evidence of the rising cost of prescription drugs,” the White House’s Jeanne Lambrew and Erin Richardson wrote in a blog post. “The tool allows you to sort these drugs in different ways, so you can rank them by total spending, spending per person, or by cost increases.”
But something about this data dump is off. The dashboard lists “total spending” on Medicare drugs at $121.5 billion last year. The Congressional Budget Office reports that actual spending in 2014 was $65 billion. The dashboard says Medicare spent $2.5 billion on Abilify. Bristol-Myers Squibb booked total U.S. revenues of $1.6 billion for that antipsychotic medicine in 2014, and that figure includes private insurance and Medicaid.