“We Have To Lower Drug Prices.”
Recently, President Donald Trump met with various executives from the pharmaceutical industry at the White House to discuss how they can lower the ever-increasing drug prices within America.
Trump told these executives “we have to lower drug prices.” In addition, Donald Trump wants the executives to increase spending on research and development and deregulate the pharmaceutical industry so new drugs can enter the market.
Prices Have Sky-Rocketed In Last Decade
Some of the pharmaceutical executives were from Novartis AG, Merck & Co Inc, Johnson & Johnson, Amgen Inc, Eli Lilly & Co, and Celgene Corp. The lobbyist group, the Pharmaceutical Research and Manufacturers in America were also present.
According to the Daily Caller, pharmaceutical price questions hit the public when it was discovered that the life-saving epinephrine injection device EpiPen’s price went up 461 percent in only ten years (Time reports 548 percent overall).
America Needs To Bid Like A Business
Donald Trump plans to stop this increase and “bring down drug prices.” Since the United States doesn’t have a nationalized health care system, but do have Medicare for seniors, it can still work as a bulk purchaser with negotiating power.
A 2003 law from George W. Bush prohibits the federal government from using this business-like negotiating power, but Trump will likely revisit the policy, according to a statement he made on January 11 of 2017.
“Pharma has a lot of lobbies, a lot of lobbyists and a lot of power. And there’s very little bidding on drugs,” said Trump at a press conference. “We’re the largest buyer of drugs in the world, and yet we don’t bid properly.”
Do you think Trump can talk these executives into lowering their prices?