Trump signs order to align drug
prices with other nations
Washington Times,
by
Tom Howell Jr.
Original Article
Posted By: Ribicon,
7/24/2020 5:14:15 PM
President Trump signed a batch of executive orders Friday designed to slash drug prices in an election year, including a long-awaited push to align the price of Medicare drugs with what other developed nations pay. He said it is unfair that Americans bear the cost of Big Pharma’s research-and-development costs through high prices while “socialist” countries enjoy lower prices, often due to government-mandated caps. “We are bearing the entire cost of all of this. They are bearing none,” he said. “I’ve been waiting for this day a long time.”(Snip) Another executive order would force middlemen to pass certain rebates to consumers,
Reply 1 - Posted by:
ScottC 7/24/2020 5:18:50 PM (No. 489558)
Mexico has their Cartels and we have ours. Trump just spit directly into the American Narco's faces.
10 people like this.
Reply 2 - Posted by:
SALady 7/24/2020 5:42:21 PM (No. 489586)
Sadly, this is one of the few times I really believe President Trump blew it!!!!
Drug companies invest billions of dollars every year developing drugs, where the strong majority of them never see the light of day. So when one does, they have to make a big profit on it during the very narrow window that they own the sole patent on it. If they are not allowed to make that profit, to recover the costs of developing that drug and all the failed ones, plus make a profit for their stockholders, they are not going to keep trying to develop so many of the drugs that could treat or cure diseases. They are only going to develop "sure thing" drugs.
I have gotten migraine headaches my whole life. I used to lose 2 and 3 days at a time stuck in bed waiting for a migraine to pass. Then one of the drug companies developed Imitrex. Now I take one of those, and my migraine is usually gone in minutes. But the drug company almost didn't develop it because they didn't have much hope that it was going to be successful. But because they knew they could recover the cost of that drug if it failed, the did develop it, and I have big chunks of my life that I wouldn't have had if they hadn't developed it.
So when you watch someone in your family suffering, and wonder why the drug companies aren't developing drugs to help them, know that this was the day that the drug companies lost their motivation and capability to do that.
And, no, I do not own stock in a drug company or work for one. I just know I have my life because of a drug.
6 people like this.
Reply 3 - Posted by:
snowoutlaw 7/24/2020 6:04:15 PM (No. 489614)
Sure it takes billions to develop new drugs but why should our prices be more than in other countries? Let the world help pay for the cost too. I'm shocked it actually includes what I have been suggesting for years. No more "global freeloading". Our prices should be set to what they are selling the same drugs for in other countries.
5 people like this.
Reply 4 - Posted by:
JHHolliday 7/24/2020 6:04:56 PM (No. 489616)
I agree with with #2. I have been critical over the years about “big pharma” price gouging on certain drugs but after spending billions to develop certain drugs they are entitled to recoup their investment . Without that incentive, no more new, lifesaving drugs. Several companies are feverishly working to develop a China Flu vaccine. Get an effective vaccine for that and you will save the entire world trillions.
3 people like this.
Reply 5 - Posted by:
stevendm 7/24/2020 6:15:37 PM (No. 489632)
I understand what some of the other posters are saying, it takes billions to create a new drug. And limiting a pharma company's ability to recoup the cost may make them have second thoughts about creating a drug that has limited potential ROI. I say, create the drug and charge every person in the world the same price. No special deals for non-US countries and then force US consumers to make up the difference.
5 people like this.
Reply 6 - Posted by:
bad-hair 7/24/2020 6:16:25 PM (No. 489633)
Ditto 2 and 4. Government price controls ??? Since when ? And the justification is that everybody else in the world does it ? Who will do the research to produce life saving genetic research if not us ? China ?
3 people like this.
Reply 7 - Posted by:
Ribicon 7/24/2020 6:42:17 PM (No. 489656)
USA has a racket in which Medicare and Medicaid rob the taxpayers to pay hugely inflated drug costs, which allows the drug companies to sell the same drugs at a steep discount outside the USA. This is fair, this is the free market? No, it's a rigged game where the USA loses, as usual. The health insurance racket is no better; uninsured patients pay a fortune for drugs that cost a pittance for those who flash the correct health insurance card, even when the health insurer pays very little for the drug, all perfectly legal.
5 people like this.
Drugs cost more in the U.S. because the tort lawyers sue the drug companies for any reason or no reason at all other than the company's deep pockets. Our tort law jurisprudence is heavily weighted in favor of plaintiffs and, unlike the rest of the world, we have no "loser pays" rule where groundless suits that fail end up costing the plaintiff's the cost of the defendant's legal fees. Liability insurance and a stable of retained attorneys costs money that those in the rest of the world don't have to pay.
3 people like this.
Reply 9 - Posted by:
franq 7/25/2020 7:37:57 AM (No. 489986)
There are way too many drugs.
0 people like this.
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