Trump Releases Blueprint to ‘Bring Soaring Drug Prices Back Down to Earth’
President Donald Trump released his blueprint for lowering the costs of medications in the United States on Friday.
The administration said they will immediately begin working to “bring soaring drug prices back down to earth.”
Today, my Administration is launching the most sweeping action in history to lower the price of prescription drugs for the American People. We will have tougher negotiation, more competition, and much lower prices at the pharmacy counter! https://t.co/xdakX43a4d
— Donald J. Trump (@realDonaldTrump) May 11, 2018
A statement from the White House said that excessively high drug prices, foreign freeloading, and a system rigged to reward list price increases, are burdening the American people.
To combat this, steps that the Department of Health and Human Services (HHS) will begin taking include ending the gaming of regulatory and patent processes by drug makers to unfairly protect monopolies, advancing biosimilars and generics to boost price competition, evaluating the inclusion of prices in drug makers’ ads to enhance price competition and streamlining and accelerating the approval process for over-the-counter drugs.
The Administration will additionally publish a comparison of drug prices in the United States with those in other OECD countries, to examine freeloading.
“Everyone involved in the broken system — the drug makers, insurance companies, distributors, pharmacy benefit managers, and many others — contribute to the problem,” Trump said on Friday. “Government has also been part of the problem because previous leaders turned a blind eye to this incredible abuse. But under this administration, we are putting American patients first. … I’ve instructed Secretary Azar to begin moving forward on reforms that will bring soaring drug prices back down to Earth.”
Trump also announced that he will be working to end the “Pharmacist Gag Rule” which “punishes” pharmacists for advising patients on ways to save money.
“This is a total rip off, and we are ending it,” Trump said.