Posted on 12/07/2016 12:11:48 PM PST by 2ndDivisionVet
I believe that President-elect Donald Trump will succeed in bringing down health care costs, and tackling soaring drug prices will be at the forefront of his battle. This may have come as a shock to the industry, who likely believed that they’d be given a free pass under a Republican presidency and Republican-controlled Congress. It is likely that on Election Day the Big Pharma companies prematurely let out a collective sigh of relief believing that a Republican-led government would never allow for imported medicines or for Medicare to negotiate drug prices, but it appears that the well-deserved panic is starting to set in.
On the day Trump was named Time Magazine’s “Person of the Year,” the publication released excerpts from a November interview in which he divulged plans to address out-of-control drug costs.
“I’m going to bring down drug prices. I don’t like what’s happened with drug prices,” he said.
Those two lines, short enough to fit in a Tweet, sent shockwaves through the industry. Biotechnology and pharmaceutical stocks took a hit, signaling that the relief they had been enjoying since Election Day was short-lived....
(Excerpt) Read more at foxnews.com ...
All he has to do is to set payment at the average of the top 50 countries price for a medicine. Then we let other countries negociate for us. Ameica should get great health care. But there i no reason it should bankrupt us. It does not need to be as expensive as it is.
I’m always amazed that the so called “free trade” cheerleaders are the ones most vehemently opposed to “free trade” with prescription drugs. It’s time the USA stops subsidizing the entire world on drugs. It’s time to allow re-importation of drugs and require disclosure of pricing for all medicine and procedures at all places that provide such services. It’s time to allow cross-state line shopping of insurance.
That’s right. The theory is that the high prices pay for the research, but there’s no reason why American consumers should pay a disproportionate amount of that cost relative to consumers in other countries.
Ha for this they are ok with crony capitalism!
Yes, although I had read he yanked some of those things off his transition website but his comments give me hope he will do them. It will reduce drug profits considerably but it’s desperately needed. Drug companies will just have to negotiate better terms with the other 300+ countries in the world. THe US can’t be 90% of your profits.
All that Trump has to do to dramatically lower the cost of drugs and medical care is to order his Attorney General to apply the Sherman Antitrust Act to the medical and drug industries.
+1
High drug prices create high stock prices. They rarely produce more research. Research is done by small biotech companies that either make a successful drug or go out of business. If they are successful they sell the drug rights or their company to a marketing and manufacturing company. The money is so large that you are paying the principals to never work again. Then the monopoly created by the US government for the 20 year patent is used to raise the price or new patents are created by taking the same drug and making slightly different usages. Not more drugs, not better drugs, just working the system so the pharma companies can milk the system and the government for as much as possible.
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