Trump Strikes At PBMs, Insurers, Drugmakers With Plans To Lower Consumer Prices

President Donald Trump speaks during a roundtable discussion on tax reform at the Cleveland Public Auditorium in Cleveland Ohio U.S. May

Health-care stocks whipsawed on Friday as President Donald Trump unveiled his long-awaited plan to lower prescription drug prices, dubbed "American Patients First".

A couple of those items include expanding private sector negotiations for Medicare and getting drug companies to disclose their prices in their ads.

Trump did not specifically name any countries, but according to a report from the White House Council of Economic Advisers profit margins on brand-name drugs in the United States are four times as high as in more regulated markets, such as major European countries and Japan. In a speech, the president announced measures to increase competition and pricing transparency as ways to drive down costs, which have been spiraling.

Trump said his proposals would result in "eliminating the middle men; the middle men became very, very rich". But under this administration, we are putting American patients first.

The Louisiana senator, echoing Azar's remarks, said he sees the entire pharmaceutical market as rife with "incredibly bad incentives" that create "incredibly high drug costs for too many Americans". "America will not be cheated any longer, and especially will not be cheated by foreign countries". Industry experts have closely scrutinized the role that pharmacy benefit managers play in the pharmaceutical supply chain.

"This is going to be comprehensive, hard-hitting and across the board", Health and Human Services Secretary Alex Azar said Friday on CNBC.

Azar and other Trump officials have described the pricing problem in stark terms and promised bold action. A simple word of support today from the President would have added even more momentum.

One new proposal would allow senior citizens enrolled in Medicare who hit the catastrophic period to pay nothing out of pocket, "so really relieve a huge burden on our senior citizens", Azar said.

This is "just the beginning", Trump concluded, promising new legislation and more actions that required help from Congress.

Allegations of Eric Schneiderman abuse went to Trump, attorney says
Gleason asked for a protective order covering all conversations he had with Cohen about the women's claims against Schneiderman. District Judge Kimba Wood says that Cohen and Trump both knew of allegations against Schneiderman years before they surfaced.

Polls repeatedly find that reducing the high cost of prescription drugs is a priority for American voters.

The statement, which was as recently as last week the subject of a panel discussion at Asembia 2018, focused largely on bringing "drug prices under control".

Trump also attacked pharmaceutical companies that use patents to extend their monopolies and said he will end a gag rule insurers use to keep pharmacists from telling patients when they could save money by paying list price instead of an insurance co-payment.

"Our plan takes steps to derail the gravy train for special interests by ending Obamacares twisted incentives that actually encourage higher drug prices", Trump said.

Drugmakers generally can charge as much as the market will bear because the US government doesn't regulate medicine prices, unlike most other countries. Many Republicans in Congress have also opposed leveraging Medicare's buying power against drugmakers.

Senate Democratic leader Chuck Schumer criticized Trump for not targeting the pharmaceutical companies more aggressively and for his stance that other countries that now pay less than Americans for the same drugs should pay more. "There is very little new in the administration's plan, and little if anything that will make a difference in the near future, as the president has promised", Rachel Sachs, an associate professor of law at Washington University School of Law said in an email.

Trump called out industry middlemen and foreign countries for "freeloading." . The Congressional Budget Office says the CREATES Act reforms would cut government costs by $3.8 billion, and it would save consumers many billions more.

Among other changes, HHS said it will publish a side-by-side comparison of drug prices in the US and nations within the Organization for Economic Co-operation and Development (OECD) to examine "freeloading" by other nations with major economies.

Related News:



Most liked

Mercedes maintain Barcelona dominance, Vettel expecting more
Brendon Hartley and Romain Grosjean also had moments at the same corner, but were able to avoid the barrier. There's still a lot of unknowns into this season right now and we're still learning and hoping.

Symantec shares lose one third of value overnight
The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link . The company added that it will distribute a quarterly cash dividend of United States dollars 0.075 per share.

United Kingdom in contact with Congo after incident with two British nationals
Just last month, on April 9, five park rangers and their driver were killed in an ambush which saw a sixth park ranger injured. It is believed they were visiting the world-famous gorilla sanctuary the Virunga National Park .

Tremors felt in North India as quake hits Afghanistan-Tajikistan border
The natural disaster of magnitude 6.2 shook buildings in Afghanistan's Kabul and was felt in Pakistani cities, Reuters reported. Panic triggered across Jammu region on Wednesday when an high intensity natural disaster jolted the region.

Brooklyn Nine-Nine cancelled after fifth season
That said, I haven't seen a public outcry like the one Brooklyn Nine-Nine received yesterday in a very, very long time. Melissa Fumero , Stephanie Beatriz , Joe Lo Truglio , Dirk Blocker and Joel McKinnon Miller also star . "Wow.

IPL 2018: Mumbai Indians Inflict Heaviest Defeat on Kolkata Knight Riders
While Piyush Chawla got the wickets of openers Lewis and Suryakumar, Sunil Narine scalped the wicket of Ishan Kishan . Always the go-to man whenever there's need for a breakthrough, Sunil Narine came to bowl the fourth over.

Kimbrel & Co Implode In The 8th
Red Sox relievers are tied for 21st in the majors in eighth inning ERA (5.00). "Both of these games have come down to the wire". The new AL East leaders have sole possession of the best record in the majors for the first time since July 27, 2012.

Trump Optimistic About Summit With North Korean Leader
Each evening at 1830 UTC, DW's editors send out a selection of the day's hard news and quality feature journalism. The White House cautioned that any provocation from North Korea before the meeting could jeopardize the summit.

Meghan McCain responds to White House official joking about John McCain "dying"
She went on to thank those who shared well wishes for her father and how her father's career and character have made her proud. Now, McCain's arguing to colleagues that Haspel should be disqualified, but Graham said he told McCain he's wrong.

Italy's Five Star and League move towards government formation
Traditional parties such as Mr Berlusconi's centre-right Forza Italia party and the centre-left Democratic party (PD) suffered heavy losses.

The Mets just batted out of order, costing them a scoring opportunity
Reds: There's no set plan for when Harvey will pitch or whether he'll be used as a starter or reliever initially. The Mets designated Harvey for assignment on May 4 after he refused a request from the Mets to go to the minors.

Pence says it's time for Mueller to wrap it up
But Trump fears Mueller's operation is biased against him: "We have 13 people and they're all Democrats - real Democrats". Thursday, President Donald Trump and Vice President Mike Pence will return to the Hoosier State for a rally in Elkhart.

West Ham boss Moyes expects Chicharito to miss Man Utd
Moyes's men heads into this clash following their 2-0 victory over Leicester City last weekend in the Premier League . With little to play for, it might be something of a flat atmosphere in east London on Thursday night.

California becomes first state to require new homes have solar power
It does include exceptions when requiring solar panels isn't feasible - such as on a home shrouded in shade - or cost effective. California is on cusp of becoming the first US state to require solar panels on all new homes beginning in 2020.

Three People Critical As KZN Mosque Targeted
Two other people were injured. "Eyewitnesses said three attackers with guns had used knives to slit the victims' throats". The attack came shortly ahead of the Muslim fasting month of Ramadan, which begins around May 16.