Consumer Action joins coalition pushing back at drug patent abuse

Washington, D.C. - January 22, 2019 - (The Ponder News) -- Americans pay up to 65 percent more for drugs than citizens in other Western countries. One of the reasons is "patent abuse" by drug companies aiming to extend their monopolies as patents are due to expire on brand-name, profit-center drugs. In fact, 75 percent of all pharmaceutical patents between 2005 and 2015 were issued on old, previously patented medicines, not new drugs.

Consumer Action has joined the Coalition Against Patent Abuse (CAPA), a new effort by healthcare providers, consumer groups, patient advocacy organizations, free market advocates, employers and others to fight abuses of the patent system that can extend government-granted monopolies that illegitimately keep drug prices high for years, or even decades.

"Consumer Action strongly agrees with our colleagues in the new coalition that regulators and Congress must work to efficiently eliminate patents sought by drug companies for protectionsim, not innovation," said Linda Sherry, director of national priorities for the San Francisco-based non-profit consumer education and advocacy organization. "CAPA will work to highlight the issue and put pressure on those with the power to stop the abuses."

Legal shenanigans by brand-name drug companies keep medicine prices high for patients, taxpayers and payers of healthcare. They also stifle innovation and medical advancements. CAPA will focus primarily on untoward efforts to maintain government-granted monopolies through abuses of the patent system by drug manufacturers. These tactics by certain brand-name drug companies prevent patients from affordably accessing the life-saving medicines they need, and drain resources to pay for healthcare.

Congress repeals rule to protect consumer rights to class action

Source: Consumer Action

Washington, D.C. - October 30, 2017 - (The Ponder News) -- The U.S. Senate passed a resolution (S.J. Res. 47) yesterday to repeal the new Consumer Financial Protection Bureau (CFPB) rule to restore consumers’ rights to band together to hold banks and lenders accountable in class action lawsuits when the companies break the law.

The CFPB conducted a five-year study that revealed the negative impact of forced arbitration on consumers before spending two years crafting a rule to prevent companies from keeping wronged customers from joining class actions. Despite the care taken by CFPB, Republicans in Congress have voted to throw out the Bureau’s efforts before the ink is even dry on the rule announced just this summer.

In our view, the Senate has declared war on consumers and given a big fat gift to companies like Equifax and Wells Fargo, who now can continue to abuse and defraud customers without fear of liability. Because of the short-sightedness of many in Congress, giant banks and other corporations regulated by the CFPB can rest assured that no matter how they treat their customers, those customers will be prevented from collective redress.

Republicans in Congress have decided: There will be NO meaningful justice for consumers wronged by the wealthy and powerful.