Trump assails high drug prices, avoids direct hit on industry

[rooster59]

Trump assails high drug prices, avoids direct hit on industry

By Yasmeen Abutaleb

 

Health and Human Services Secretary Alex Azar listens as U.S. President Donald Trump delivers a speech about lowering prescription drug prices from the Rose Garden at the White House in Washington, U.S., May 11, 2018. REUTERS/Jonathan Ernst

 

WASHINGTON (Reuters) - U.S. President Donald Trump on Friday blasted drugmakers and healthcare "middlemen" for making prescription medicines unaffordable for Americans, but healthcare stocks rose as his administration avoided aggressive direct measures to cut prices.

 

Trump made the remarks at the White House Rose Garden in a speech to introduce what he called "the most sweeping action in history" to lower drug prices. The effort comes as a growing number of Americans struggle with the cost of their medications, and cite healthcare concerns as a top priority for Washington ahead of congressional elections in November.

 

Trump said his administration would take aim at the "middlemen" in the drug industry who became "very, very rich," an apparent reference to health insurers and pharmacy benefit managers (PBMs). He also said the pharmaceutical industry is making an "absolute fortune" at the expense of American taxpayers.

 

"Everyone involved in the broken system - the drugmakers, insurance companies, distributors, pharmacy benefit managers, and many others - contribute to the problem," Trump said.

 

Trump campaigned on lowering prescription drug prices ahead of the 2016 presidential election, even accusing drugmakers of "getting away with murder." Healthcare investors had braced for months for more direct attempts to regulate U.S. prices that would cut into industry profits.

 

But Trump has since abandoned ideas to lower drug costs he supported during the campaign, including allowing the government's Medicare plan for older Americans to negotiate prices directly with drugmakers, and enabling U.S. consumers to import lower-cost medicines from other countries.

 

On Friday, Trump's senior health officials outlined more modest policy proposals to introduce more competition among drugmakers and pass on savings to consumers.

 

Critics said the policies pointed to the influence the pharmaceutical industry wields with the administration.

 

"I think very expensive champagne will be popping in drug company boardrooms across the country tonight," said Democratic Representative Elijah Cummings.

 

Senator Ron Wyden, also a Democrat, said the proposals "amount to asking drug companies nicely to lower their prices with zero accountability."

 

Shares of major drugmakers, insurers and PBMs rose after the speech. The S&P 500 healthcare index <.SPXHC>, a broad gauge of large healthcare stocks, closed up 1.5 percent, its biggest single-day percentage gain in a month.

 

"The plan was a lot less aggressive than investors expected," wrote Alex Arfaei, analyst at BMO Capital Markets.

 

'AMERICAN PATIENTS FIRST'

 

Trump also placed blame on foreign governments, saying they "extort unreasonably low prices" from U.S. drugmakers, forcing companies to charge more in this country.

 

"America will not be cheated any longer, and especially will not be cheated by foreign countries," he said, adding that he has instructed the U.S. Trade Representative to make the issue a top priority with trading partners.

 

As the speech was underway, the Department of Health and Human Services released what it called a blueprint titled "American Patients First" with details of its plan.

 

It said near-term actions would include giving commercial plans that administer Medicare Part D prescription drug benefits for seniors more power to negotiate prices with drugmakers. Federal health plans would also test ways to pay for drugs based on their effectiveness.

 

The U.S. Food and Drug Administration would evaluate requiring drugmakers to include the list prices they set on medicines in their advertising. Drugmakers argue that list prices do not reflect actual cost after discounts and rebates.

 

Some of the administration's longer-term priorities include restricting use of rebates, creating incentives for drugmakers to lower list prices, and investigating tools to address foreign government practices that it said could be harming innovation and driving up U.S. prices.

 

"There's not a big proposal here that is going to make a huge difference. There are a bunch of smaller technical changes," said Sam Richardson, Associate Professor of Economics at Boston College.

 

Regarding forcing other countries to pay more for drugs, Richardson said: "We don't really have the policy levers to get that to happen."

 

Health and Human Services Secretary Alex Azar, a former pharmaceutical company executive, said many of the actions the government was considering would not require approval by Congress and could take place through executive action within months. He said it would take years to restructure the U.S. drug system.

 

Trump also blasted the pharmaceutical and insurance industries for spending hundreds of millions of dollars on lobbying to "protect the status quo."

 

His remarks follow a renewed focus on the influence of the drugmaker lobby, which spends the most of any lobbying group in Washington.

 

Earlier this week, Swiss drugmaker Novartis <NOVN.S> admitted it paid $1.2 million to a consulting firm created by Trump lawyer Michael Cohen.

 

 

-- © Copyright Reuters 2018-05-12

[Chomper Higgot]

Look who else was funneling money via Cohen.

[Credo]

I am definitely not a Trump fan, but his status in my book will be raised much higher if he can get the ridiculous prices for many drugs reduced.   I take a regular medication which, in Thailand, costs a little over $100 per month.   In the US, the generic brand is over $1,000 per month, and the medication is important from the US, produced by the same company.   It is even cheaper through the government pharmacies than the private hospitals.   By the way, the drug is sold at a profit in Thailand.   It's a small profit, but a profit, nonetheless.

 

I know others who also take medication imported from the US and it is substantially less than in the States.   

 

Of course, he will run into some major blowback on this and hope he is willing to bully and bluster those in Big Pharma like it does others.   

 

[Anak Nakal]

Talk talk talk

Trump want money from drug company.

[spidermike007]

Just more hyperbole from the disinformation king. He rants, and rants and rants. And yet, he has not come up with even one idea, that will lead to reduced prices for drugs, for the average American. Now, in an effort to discuss drugs, without putting any pressure on the companies that he receives many lobbyists from, in his office, he suggests that other countries, who do the right thing, by forcing these drug pirates to lower their prices, are responsible for the high prices in the US. This is exactly what this man does, on a daily basis. This is a disinformation campaign, and my guess is that a portion of his base is buying into it. Tiny Don has never met a lobbyist he has ever been able to say no to. He is bought and paid for. He is as much of a whore as any of his predecessors. 

 

Little Don has never said no to a lobbyist as president. Not once. He has no principals, nor any vision, so why would he? He is perhaps the most dangerous man on the planet right now as it appears he is trying to lower the quality of life, for everyone on earth, and his policies are making both America and the world less great, and more dangerous. 

 

Thankfully, he will not remain in office for more than 12 more months. Resignation, impeachment, or prison, are in his future, and many of us will be very, very thankful for that. 

 

Tiny DT. The art of moving America backwards, and lowering the quality of life for the average American. 

The art of I cannot make a deal to save my life. 

The art of losing talent in droves, and replacing them with sycophantic fools, devoid of talent or experience. 

The art of attempting to lead a nation, while being infected with the thinnest skin of a world leader, in history. 

The art of not having a diplomatic bone in his body, and destroying long held alliances, with hate, hubris and a horrible lack of intelligence, vision and talent.

 

 

[Emster23]

Crooked Donald likes to rant and flap arms, but when it comes to actually helping people who elected him, well....

"healthcare stocks rose as his administration avoided aggressive direct measures to cut prices."

 

[spidermike007]

1 hour ago, Emster23 said:

Crooked Donald likes to rant and flap arms, but when it comes to actually helping people who elected him, well....

"healthcare stocks rose as his administration avoided aggressive direct measures to cut prices."

 

Lock him up, lock him up, lock him up!

[Srikcir]

5 hours ago, rooster59 said:

Trump made the remarks at the White House Rose Garden in a speech to introduce what he called "the most sweeping action in history" to lower drug prices.

We've seen this play before.

Trump Has Been All Talk, Little Action on the Opioid Crisis

http://time.com/5128938/trump-opioid-crisis-epidemic-congress-funding/

 

[Thaidream]

Donald Trump must think we are all as stupid as he is.  He wants the rest of the World to raise their drug prices in the hope Big Pharma will then lower prices for Americans. Never going to happen and why should a country like Thailand who has an income level well below America make its citizens pay more.

 

Gutless Trump- afraid of Big Pharma-  You want to lower drug prices-

 

1.  Make the Medicare system which purchases billions of dollars of drugs every year force Big Pharma to negotiate prices which will then drive the costs  down.

2.  Allow Americans to import drugs from abroad and foreign drug firms to sell in America

3. Establish a Government Pharmaceutical industry in which the US Government can produce life saving drugs for cost.

 

You will notice Trump did none of these things  and we all know why- he is bought and paid for by Big Pharma not to mention  other huge lobbying groups.  Trump drain the swamp- he's in the middle of it up to his eyebrows and fake hair.

[Andaman Al]

I just don't understand why so many Americans are actually taking medication. Every American I know is on medication for something. Some of them are taking 10-20 different pills a day. Apart from taking Anti-Biotics for tonsillitis 5-10 times in my adult life and some Iprobrufen for some back pain I once had (and the odd self induced pain of a hangover) , I have never taken medication in my life. It seems every other commercial on US TV is for medication of some sort.

 

For a few people, there are certain medications they must take to keep them alive, for the others  just open the bin and throw all those pills in there and you will save yourself a lot more money than anyone trying to reduce costs of medication. Take Diabetes 2, a huge money spinner for the Pharma industry, but they don't tell you it is completely self curable because they want your money, nothing more.

 

Consider what you eat (where most problems start) and drink, take time out each day to relax and take care of the well being inside your head, get 6-8 hrs sleep every night starting no later than 11 pm and do some moderate exercise every day, eh Voila, no sickness, good health, save yourself loads of money.

[AsiaHand]

Are the drug prices in The UK  as high as they are in The US or are they on a scale of prices like in Canada ? I find My heart meds are lower in Thailand then in The US.

Edited May 12, 2018 by AsiaHand

[RobFord]

No way in the world the orange ass hatchling is going to take on the pharmaceutical industry. 

 

He’s just doing a little easy pandering to his base, most of whom are heavily medicated. 

[Thaidream]

The whole healthcare system in America is broken- there is active collusion between Big Pharma- Big Insurance and For Profit Hospitals-  making American healthcare th most expensive the World.   It is a tragedy that successive Governments won't stop this madness but it will eventually happen.  A single payer system will come into force sooner or later and force  a drastic reduction in prices.

[bristolboy]

Remember during the campaign how Trump supported Medicare being able to negotiate drug prices? It was one of those issue which Trump supporters at the time said proved Trump was different from standard Republicans. But just as in the case of taxes, if you want to know what kind of Republican Trump is, just follow the money.

Trump’s Plan to Lower Drug Prices Diverges From Campaign Promise

 

 President Trump vowed on Friday to “bring soaring drug prices back down to earth” by promoting competition among pharmaceutical companies, and he suggested that the government could require drugmakers to disclose prices in their ubiquitous television advertising.

But he dropped the popular and populist proposals of his presidential campaign, opting not to have the federal government directly negotiate lower drug prices for Medicare. And he chose not to allow American consumers to import low-cost medicines from abroad.

https://www.nytimes.com/2018/05/11/us/politics/trump-prescription-drugs-plan.html

 

Edited May 12, 2018 by bristolboy

[Jingthing]

Talk talk talk
Trump want money from drug company.

Drug stocks rallied on his speech.. Say no more. He's a disaster for health care. Tore down. ACA to the point of crippling it and replaced it with bupkis. Many of the most hard hit victims of "trump" not care happen to be his most hard core fans. But as long as they live they can feel superior to the "elites" that want real health care access reform, immigrants, and anyone that isn't white and straight.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[Srikcir]

8 hours ago, Andaman Al said:

It seems every other commercial on US TV is for medication of some sort.

And the medications don't seem to help.

The US life expectancy not only falls below that of UK and Japan, it has actually dropped in 2016 and 2017 - the first downturn in more than two decades.

https://edition.cnn.com/2017/12/21/health/us-life-expectancy-study/index.html

[bristolboy]

29 minutes ago, Srikcir said:

And the medications don't seem to help.

The US life expectancy not only falls below that of UK and Japan, it has actually dropped in 2016 and 2017 - the first downturn in more than two decades.

https://edition.cnn.com/2017/12/21/health/us-life-expectancy-study/index.html

Under the US system. lots of people who need those medications can't afford them. Obamacare has helped but Trump is not trying to cut back on Medicaid.

[Jingthing]

17 hours ago, Credo said:

I am definitely not a Trump fan, but his status in my book will be raised much higher if he can get the ridiculous prices for many drugs reduced.   I take a regular medication which, in Thailand, costs a little over $100 per month.   In the US, the generic brand is over $1,000 per month, and the medication is important from the US, produced by the same company.   It is even cheaper through the government pharmacies than the private hospitals.   By the way, the drug is sold at a profit in Thailand.   It's a small profit, but a profit, nonetheless.

 

I know others who also take medication imported from the US and it is substantially less than in the States.   

 

Of course, he will run into some major blowback on this and hope he is willing to bully and bluster those in Big Pharma like it does others.   

 

He's not even trying.

He already caved.

Surprised anyone actually believed that such a corrupt con man really cares enough about (or understands) this complex issue to actually do anything about it.

Quote

 

Big Pharma Gets a Big Win From Trump

The president campaigned on stinging criticisms of the pharmaceutical industry and promises to use Medicare to lower drug prices. But none of that materialized in his drug-pricing speech this week.

 

https://www.theatlantic.com/politics/archive/2018/05/big-pharma-gets-a-big-win-from-trump/560219/

 

[Credo]

1 hour ago, Jingthing said:

He's not even trying.

He already caved.

Surprised anyone actually believed that such a corrupt con man really cares enough about (or understands) this complex issue to actually do anything about it.

https://www.theatlantic.com/politics/archive/2018/05/big-pharma-gets-a-big-win-from-trump/560219/

 

I am not holding out a lot of hope, but this is an issue that needs to be brought to the forefront and he has done that.   I am going to put it in the same category as many did with Obamacare; it's a start.   

 

I suspect you are right.   Time will tell.   

 

[selftaopath]

21 hours ago, Anak Nakal said:

Talk talk talk

Trump want money from drug company.

He may have already gotten it. That's this corrupt swamp king's MO. I hope the world if without him soon. 

[selftaopath]

21 hours ago, spidermike007 said:

Just more hyperbole from the disinformation king. He rants, and rants and rants. And yet, he has not come up with even one idea, that will lead to reduced prices for drugs, for the average American. Now, in an effort to discuss drugs, without putting any pressure on the companies that he receives many lobbyists from, in his office, he suggests that other countries, who do the right thing, by forcing these drug pirates to lower their prices, are responsible for the high prices in the US. This is exactly what this man does, on a daily basis. This is a disinformation campaign, and my guess is that a portion of his base is buying into it. Tiny Don has never met a lobbyist he has ever been able to say no to. He is bought and paid for. He is as much of a whore as any of his predecessors. 

 

Little Don has never said no to a lobbyist as president. Not once. He has no principals, nor any vision, so why would he? He is perhaps the most dangerous man on the planet right now as it appears he is trying to lower the quality of life, for everyone on earth, and his policies are making both America and the world less great, and more dangerous. 

 

Thankfully, he will not remain in office for more than 12 more months. Resignation, impeachment, or prison, are in his future, and many of us will be very, very thankful for that. 

 

Tiny DT. The art of moving America backwards, and lowering the quality of life for the average American. 

The art of I cannot make a deal to save my life. 

The art of losing talent in droves, and replacing them with sycophantic fools, devoid of talent or experience. 

The art of attempting to lead a nation, while being infected with the thinnest skin of a world leader, in history. 

The art of not having a diplomatic bone in his body, and destroying long held alliances, with hate, hubris and a horrible lack of intelligence, vision and talent.

 

 

"Thankfully, he will not remain in office for more than 12 more months. Resignation, impeachment, or prison, are in his future, and many of us will be very, very thankful for that." 

 

One more and perhaps my favorite. He could die. 

[bristolboy]

10 hours ago, bristolboy said:

Under the US system. lots of people who need those medications can't afford them. Obamacare has helped but Trump is not trying to cut back on Medicaid.

Oops. Error. Should read 

"Under the US system. lots of people who need those medications can't afford them. Obamacare has helped but Trump is trying to cut back on Medicaid."

[vaultdweller0013]

On 5/12/2018 at 8:25 AM, Credo said:

I am definitely not a Trump fan, but his status in my book will be raised much higher if he can get the ridiculous prices for many drugs reduced.   I take a regular medication which, in Thailand, costs a little over $100 per month.   In the US, the generic brand is over $1,000 per month, and the medication is important from the US, produced by the same company.   It is even cheaper through the government pharmacies than the private hospitals.   By the way, the drug is sold at a profit in Thailand.   It's a small profit, but a profit, nonetheless.

 

I know others who also take medication imported from the US and it is substantially less than in the States.   

 

Of course, he will run into some major blowback on this and hope he is willing to bully and bluster those in Big Pharma like it does others.   

 

Just so you know, one of the tenants of Trump's plan is to have you pay higher costs for medications here in Thailand. Many developing countries have basically told the pharmaceutical companies to either lower prices or they will allow local companies to ignore their patents and make the drugs without paying royalties. Trumps plan includes pushing back against countries that do this or other things to pressure companies to reduce the costs.

[bristolboy]

10 hours ago, Credo said:

I am not holding out a lot of hope, but this is an issue that needs to be brought to the forefront and he has done that.   I am going to put it in the same category as many did with Obamacare; it's a start.   

 

I suspect you are right.   Time will tell.   

 

It's really not a matter of suspicion.If you need proof of that look no further than the stock market. Pharmaceutical stocks jumped up in the wake of Trump's speech.

[Jingthing]

2 hours ago, vaultdweller0013 said:

Just so you know, one of the tenants of Trump's plan is to have you pay higher costs for medications here in Thailand. Many developing countries have basically told the pharmaceutical companies to either lower prices or they will allow local companies to ignore their patents and make the drugs without paying royalties. Trumps plan includes pushing back against countries that do this or other things to pressure companies to reduce the costs.

Yes, but I doubt that will work. It's basically another way for "trump" to blame foreigners for everything wrong in the USA, just like authoritarian demagogues always do. 

[Jingthing]

Now "trump" will check off drug price action as "Mission Accomplished" in the midterms when it is anything but.

Just how gullible are his fans? Amazingly gullible. 

 

 

 

Quote

 

The strong economic case for doing what Trump just didn’t do.

 

 

So Donald Trump broke another promise: he did not, after all, empower Medicare to negotiate lower drug prices. Instead he (and Michael Cohen, who definitely isn’t his bagman) took money from drug lobbyists, appointed them to key positions, and announced a plan that sent drug stocks soaring. I’m sure you’re shocked.

 

 

 

http://www.paywallnews.com/life/Opinion-|-What’s-Good-for-Pharma-Isn’t-Good-for-America-(Wonkish).HkiybSBCM.html

[Kiwiken]

On 5/12/2018 at 1:25 AM, Credo said:

I am definitely not a Trump fan, but his status in my book will be raised much higher if he can get the ridiculous prices for many drugs reduced.   I take a regular medication which, in Thailand, costs a little over $100 per month.   In the US, the generic brand is over $1,000 per month, and the medication is important from the US, produced by the same company.   It is even cheaper through the government pharmacies than the private hospitals.   By the way, the drug is sold at a profit in Thailand.   It's a small profit, but a profit, nonetheless.

 

I know others who also take medication imported from the US and it is substantially less than in the States.   

 

Of course, he will run into some major blowback on this and hope he is willing to bully and bluster those in Big Pharma like it does others.   

 

He is not about reducing the cost of pharmaceutical drugs but about making everyone else pay the inflated US price. not content with supporting a Drug Industry that has restricted medication to the highest bidder he wants to make other Countries pay the same price. the only result will be the misery and death of many in less well off Countries than the USA. Sadly if the USA had a Health system similar to NZ you would not have the Health problems you have (lack of affordable Health Care) . Sadly should he push this policy through the cost of providing Health care in my Country for some illnesses may be crippled.

Once again proving that true free market Capitalism has no human face

[bristolboy]

2 hours ago, Kiwiken said:

He is not about reducing the cost of pharmaceutical drugs but about making everyone else pay the inflated US price. not content with supporting a Drug Industry that has restricted medication to the highest bidder he wants to make other Countries pay the same price. the only result will be the misery and death of many in less well off Countries than the USA. Sadly if the USA had a Health system similar to NZ you would not have the Health problems you have (lack of affordable Health Care) . Sadly should he push this policy through the cost of providing Health care in my Country for some illnesses may be crippled.

Once again proving that true free market Capitalism has no human face

A public health researcher named Alan Sager studied US pharmaceutical financial statement and concluded that they spend 3 times as much on marketing as on research.

https://www.yahoo.com/lifestyle/americans-pay-more-prescription-drugs-203202947.html

[bristolboy]

Drugmakers defy Trump's call to drop prices

President Donald Trump in May said that drugmakers would soon announce “massive” price cuts, and his administration rolled out a plan to bring down the cost of medicines...

A Wells Fargo report found 104 price increases in June and the first two days of July, with an average jump of 31.5 percent and a median increase of 9.4 percent. That followed 48 increases in May.

https://www.politico.com/story/2018/07/03/drugmakers-trump-drug-prices-668260