Trump Takes Aim at Drug Price Hikes

Share

 

President Trump has his sights on the drug industry after the latest round of price increases on dozens of products. In a 7/9 tweet, the president said: “Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!” In an unusually swift about-face, Pfizer said it would roll back its increases following “an extensive discussion with President Trump,” according to the Wall Street Journal.

 

That one company aside, Trump’s ire may ring hollow as the administration has asserted before that drug pricing is out of control and promised that a fix was imminent -- without evident results. “The secretary of HHS has a shocking amount of power by the stroke of a pen, and we intend to exercise it,” HHS secretary Alex Azar told PBS News Hour 5/14, addressing the cost of prescription drugs paid by Medicare for senior citizens − an issue FDA commissioner Scott Gottlieb has committed the agency to address through drug approval policies and authorities. A former Eli Lilly president, Azar was being questioned by PBS News Hour anchor Judy Woodruff about reports that the Trump administration intends to press industry to post prices in its direct-to-consumer advertisements. So far, no policy changes have been effected.

 

Also in May, the administration released a blueprint for lowering prescription drug prices, which has had little effect in reducing recent price hikes. The blueprint included 50 actions the administration said it was willing to take to lower drug costs to consumers. These included:

  • Taking steps to end the gaming of regulatory and patent processes by drug makers to unfairly protect monopolies.
  • Advancing biosimilars and generics to boost price competition.
  • Streamlining and accelerating the approval process for over-the-counter drugs.
  • Speeding access to, and lower the cost of, new drugs by clarifying policies for sharing information between insurers and drug makers. 

Read more