Keep your stinky, grubby paws off my dough!
Posted on 09/13/2020 8:21:22 PM PDT by LibWhacker
President Trump on Sunday signed an executive order moving Medicare one step closer to a "most favored nation" drug pricing system, instructing the government health care program for seniors to develop and test paying the same drug prices as other developed countries with cost controls.
"It is the policy of the United States that the Medicare program should not pay more for costly Part B or Part D prescription drugs or biological products than the most-favored-nation price," Trump's order declares.
The memo defines the most-favored-nation price as "the lowest price, after adjusting for volume and differences in national gross domestic product, for a pharmaceutical product that the drug manufacturer sells in a member country of the Organization for Economic Co-operation and Development."
Trump's approach is strongly opposed by the pharmaceutical industry and some conservatives who prefer the free market set competitive prices. But the president has been arguing since 2018 that U.S. senior pays far higher prices because drug makers off-load the development costs on Americans while providing discounts in foreign countries with cost controls.
"Americans pay more per capita for prescription drugs than residents of any other developed country in the world," the president's order said. "It is unacceptable that Americans pay more for the exact same drugs, often made in the exact same places. Other countries’ governments regulate drug prices by negotiating with drug manufacturers to secure bargain prices, leaving Americans to make up the difference — effectively subsidizing innovation and lower-cost drugs for the rest of the world."
You can read the executive order here.
Trump crowed about his order Sunday afternoon in a tweet. "My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries," he wrote. "The days of global freeriding at America's expense are over ... and prices are coming down FAST!"
Keep your stinky, grubby paws off my dough!
He does for the people!
Kitties are cute. Big pharma is NOT cute.
Will this affect Eliquis?
“Trump’s approach is strongly opposed by the pharmaceutical industry and some conservatives who prefer the free market set competitive prices.”
What free market? There is no free market here.
I remember when all those free market folks were on Free republic many years ago. About five now. I mentioned how China trade wasnt really free market and they attacked me like a German Shepherd would attack a steak. or me a Burger :-)
Apparently just Medicare. Why not all Americans? Worst are brand-name drugs being prescribed as best alternative. Rip off prices that escalate 10-15%/year as the drug ages.
Trump is exactly right. The idea of the US paying everything and drug companies give out the low prices to other countries is grotesque.
Now, let’s fight India and others on drug patent stealing!
I get some of my meds from Canada at a far cheaper rate than here in the US.
However, the one I need the most would set me back over $200/month, because medicare screws you over. My private insurance, before I was FORCED to go on medicare, covered almost all the cost except a small co-pay.
Medicare sucks. I hate it and am decidedly not happy about being forced onto it when I turned 65.
My advice to anyone who is nearing that unfortunate milestone is that if you have any medical procedures that need to be done, or you want to have taken care of, do it while on your good private insurance.
And make sure you refill your meds as much as possible before you’re screwed over by Medicare part D on your prescription drug costs.
Because the President can only regulate Medicare as part of his power. He can no more legally order private sector prices change than he can order you to sell your personal vehicle to a BLM activist for $1.
book mark
ping
How can this be? I just saw a Biden campaign ad that accuses Trump of working with big pharma to RAISE the cost of prescription drugs. I can’t believe Biden would lie. /s
Bttt
The drug companies have created this problem.
Their complaint that the plan is against “free markets” is total B.S., because their acceptance of government dictated prices all over the world means they don’t really care about “free markets”. And because they don’t care about free markets, their profits in the U.S. are derived in part from the need to overcome losses or lower profits they accept from government dictated prices all over the world.
If they want truly “free markets” they will first have to cut off many countries from getting some drugs until those countries agree to let markets determine the drug prices their residents pay.
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