ITIF：2025年“大型制药公司”是一个正常的行业报告（英文版）

Many right and left-wing populists argue that U.S. drug profits are excessive, that drug prices are driving up health-care costs, and that drug companies spend too little on developing new drugs. All three claims are wrong.  When adjusting for risk and comparing it to other industries, pharmaceutical firms’ profits are not excessive, nor are drug prices driving up overall health-care expenditures.  American consumers’ out-of-pocket expenditures on drugs over the past two decades have grown