Trump Unveils His Sweeping Drug Plan To Lower Prescriptions Costs And Availability
According to CBS News, President Trump on Friday introduced his blueprint to “bring soaring drug prices back down to earth.” Mr. Trump said his administration will begin work immediately, although there is no timeline for implementing his proposals.
“Everyone involved in the broken system — the drug makers, insurance companies, distributors, pharmacy benefit managers, and many others — contribute to the problem,” Mr. Trump said. “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 outlined that the same drugs sold in the United States are distributed overseas at a fraction of the price. The President’s aggressive plan promises to lead to lower costs, faster approvals and eliminating the middle-man. If Trump’s plan is approved it could save thousands of Americans lives by putting American patients first!
“This is a total rip off, and we are ending it,” -President Donald Trump
Trump’s Plan Is completely outlined on the White House’s Website shown in pure transparency. Some of the highlights include:
TAKING ACTION TO PUT AMERICAN PATIENTS FIRST: President Donald J. Trump’s blueprint includes new actions and proposals to drive down drug prices for all Americans.
President Trump’s blueprint will seek to encourage innovation, while also promoting better price competition and addressing foreign freeloading.
The Department of Health and Human Services (HHS) will:
Take steps to end the gaming of regulatory and patent processes by drug makers to unfairly protect monopolies.
Advance biosimilars and generics to boost price competition.
Evaluate the inclusion of prices in drugmakers’ ads to enhance price competition.
Streamline and accelerate the approval process for over-the-counter drugs.
Speed access to and lower the cost of new drugs by clarifying policies for sharing information between insurers and drug makers.
Avoid excessive pricing by relying more on value-based pricing by expanding outcome-based payments in Medicare and Medicaid.
Work to give Part D plan sponsors more negotiation power with drug makers.
Examine which Medicare Part B drugs could be negotiated for a lower price by Part D plans, and improving the design of the Part B Competitive Acquisition Program.
Update Medicare’s drug-pricing dashboard to increase transparency.
Prohibit Part D contracts that include “gag rules” that prevent pharmacists from informing patients when they could pay less out-of-pocket by not using insurance.