White House Announces Drug Companies Plan ‘Massive’ Cuts In Prices Soon
The statement appeared to catch administration officials and industry leaders off guard, and no other details were offered. In other news: President Donald Trump eyes changes to the way Medicaid pays for drugs.
Trump Says Drug Companies To Unveil Price Cuts In Two Weeks
Major pharmaceutical companies will announce “voluntary, massive” cuts in drug prices in two weeks, President Donald Trump said Wednesday, without providing details. “We’re also working very hard at getting the cost of medicine down, and I think people are going to start to see for the first time ever in this country a major drop in the cost of prescription drugs,” Trump said while signing legislation making it easier for terminally ill patients to get access to experimental drugs. (Edney and Sink, 5/30)
Trump’s Drug Price Comments Appear To Catch Industry Off Guard
A White House spokesperson declined to provide details. Press secretary Sarah Huckabee Sanders at her daily briefing said, “We do expect some specific policy pieces to come out on that soon,” but wouldn't elaborate. The Pharmaceutical Research and Manufacturers of America, the trade group for brand-name drug manufacturers, did not immediately respond to requests for comment. Trump this month issued a 44-page plan to lower drug prices that included steps like requiring drugmakers to list prices in their advertisements, as well as government-funded pilot programs exploring new ways to hold the cost of medicines. (Ehley, 5/30)
Trump Wants Medicaid To Push For Lower Drug Prices – But Will Patients Be Hurt?
A little-noticed part of President Donald Trump’s plan to reduce prescription drug prices could change the way Medicaid has paid for drugs for nearly 30 years. The change might save taxpayer dollars – but it also could make it more difficult for people with certain conditions to get the medicines that work best for them. Under Trump’s new plan, five pilot states will have the power to negotiate directly with drugmakers rather than adhering to the national price formula. And Medicaid programs in those states would be exempt from the requirement that they cover all FDA-approved drugs – an out that could mean huge savings if states refuse to pay for expensive medications. (Ollove, 5/30)