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

Donald Trump speaking

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.

Princess Charlotte's Toys Are 'Hand-Me-Downs' From Brother Prince George
According to Us Weekly , the Duke and Duchess of Cambridge made quite a fuss when their daughter turned three on May 2. Their photo also resembles that of Prince George and Princess Charlotte's first portrait together.

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:

  • United Kingdom  in contact with Congo after incident with two British nationals

    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 .
    Ebola vaccines to be shipped to DRC, WHO chief says

    Ebola vaccines to be shipped to DRC, WHO chief says

    Congo's health ministry on Tuesday , May 8, described the fresh outbreak as a "public health emergency with global impact". A new experimental vaccine has been shown to be highly effective against the virus, though quantities are now limited.
    India not prepared to play Adelaide Day/Night Test under lights

    India not prepared to play Adelaide Day/Night Test under lights

    India and Bangladesh are the only two current Test-playing nations to have avoided playing pink-ball cricket at the global level. India and Bangladesh remain the only Test-playing nations not to have played a pink-ball Test.
  • West Ham boss Moyes expects Chicharito to miss Man Utd

    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.
    New Rolls-Royce Cullinan revealed - aimed over and above Bentley's Bentayga

    New Rolls-Royce Cullinan revealed - aimed over and above Bentley's Bentayga

    If one wheel loses traction, that wheel's shock absorber will push down on it until it makes contact with the ground. Power-folding rear seats, split 70/30, are another first for a Rolls-Royce, as is a touchscreen infotainment system.
    Trump makes real progress on N. Korea

    Trump makes real progress on N. Korea

    The decision to award Mr Obama the prize in 2009 just a short time after he entered the White House proved controversial. The same day, Trump said that he would hold a meeting with the North Korean leader in "the coming weeks".
  • IPL 2018: Mumbai Indians Inflict Heaviest Defeat on Kolkata Knight Riders

    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.
    Putin, Merkel back Iran deal

    Putin, Merkel back Iran deal

    The deal was brokered after almost 20 months of negotiation between Iran and the United States, Germany, Britain, China, Russia and France, as well as the European Union.
    Three People Critical As KZN Mosque Targeted

    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.
  • North Carolina's 9th District goes blue

    North Carolina's 9th District goes blue

    Robert Pittenger lost his Republican primary to a Southern Baptist pastor who flipped the results of their 2016 primary. Though turnout was typically low, North Carolina's primary election wasn't without some notable fireworks last night.
    Household of seven discovered lifeless with gunshot wounds in Australia

    Household of seven discovered lifeless with gunshot wounds in Australia

    He said homicide detectives were helping police and could not provide further details as the investigation is ongoing. However, police would only describe the call as from a "male person" connected to the property .
    Kimbrel & Co Implode In The 8th

    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.


Most liked

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.

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.

Iran foreign minister to meet counterpart in Moscow on May 14
In exchange, worldwide sanctions imposed on Iran because of its alleged pursuit of a nuclear arsenal have been lifted. Iran reiterated that no provisions or timeframes in the 2015 agreement "are negotiable in any manner".

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.

Apple Watch 3 Cellular released: Airtel, Reliance Jio offers you should know
The 38mm version of the Apple Watch Nike+ retails for Rs 39,170, whereas the 42mm variant comes at a price of Rs 42,210. Apple fans here's a reason for you to rejoice as the Apple Watch Series 3 with LTE support is up for sale in India.

Madrid Open, 3rd Ld-Writethru,712
Nadal had set a record of winning 50 consecutive sets on a single surface by beating Argentine Diego Schwartzman on Thursday. Anderson hopes to make his third final of the season and his first final appearance ever in a ATP Masters Series.

Ireland's Sam Bennett wins stage seven of the Giro d'Italia
I was hoping not today and that I would get a little bit more confidence from the race, but there is still time. Bennett is the first Irish victor of a Giro d'Italia stage since Stephen Roche in 1987.

Arsenal will challenge for Premier League title next season - Wenger
On the match he would change: It's always the last one - not Leicester because there was nothing at stake - but Atletico Madrid. Wenger will take charge of his last game for Arsenal at Huddersfield on Sunday after nearly 22 years at the helm.

People are raising ethical questions against Human-sounding Google Assistant
A lot of Google I/O 2018 was focused on Google's assistant and how they are leading the way for new and smarter devices. Google just announced their latest update to the digital assistant and it sounds exactly like a human being.

Hugh Jackman claps back at Ryan Reynolds with some sexiness advice
Deadpool 2 began screening for press today, and everyone who's seen it wants to talk about one thing: the post-credits scene. Not giving up, Reynolds tries again this time bearing red balloons but gets the same treatment from the soccer player.

Fight Breaks Out During Yankees-Red Sox Game
Rodriguez's excellent outing (5 IP, 1 H, 0 ER, 3 BB, 8 K) ended up being lost in the shuffle, though, as the Yankees would rally. He also scored three runs, snapping out of a season-long slump that had seen him enter the game with a.198 batting average.

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.

Carrie Underwood Opens Up About Her Face Injury on 'Today'
If I had fallen anywhere else, I would have been perfectly fine. "My face has been healing pretty nicely as well", she added. Underwood fell outside her Nashville home in November and warned fans that she's " not quite looking the same ".

Kevin Kamenetz, Baltimore County Executive and Democratic candidate for governor, dies
Several politicians have tweeted their condolences to the family of Kamenetz, including current Maryland Governor, Larry Hogan . County Executive Kamenetz was a dedicated public servant who gave 24 years of service to Baltimore County.

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.