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Donald Trump takes aim at pharma - aims to protect America from drug-makers greed
- Healthcare reform has been a big part of the election of 2016. While the Affordable Care Act (ACA) has taken center stage, many have wondered what may happen to the pharmaceutical and medical device industries under a Trump Presidency. Today, President-elect Trump made the answer quite clear - no more price gouging.
In the last year, we have all heard about the significant price hikes of the Epi Pen made by Mylan pharmaceuticals.
Mylan is definitely not alone in its greed. Last year the CEO of Turing, Martin Shkreli increased the price of an important (and relatively cheap) drug in the treatment of HIV related illness nearly 5000 percent.
Countless other cases of inflated drug prices have come to light in recent months. In Europe, a precedent has been set when in late 2016 drug maker Pfizer was fined a record 84.2 million pounds by the National Health Service for unfairly raising the price of an old epilepsy drug by 2600 percent. It is clear that price gouging is not limited to newly developed or expensive biologic/designer drugs even the price of insulin. Since 2002 it has gone up nearly 200 percent. Insulin and other medicines like it are drugs that are used to treat common diseases (like diabetes) that many patients need daily just in order to live.
Today, President-elect Trump took dead aim at the pharmaceutical industry in his noon press conference. He made it clear that he will take steps to regulate the pharmaceutical industry because "they are getting away with murder."
Trump stated that he will seek to immediately allow Medicare to negotiate drug prices - no longer will government programs be forced to pay whatever pharmaceutical companies ask.
He suggested that open bidding by suppliers to provide drugs for Medicare would be an important way to manage cost and potentially save billions of healthcare dollars.(Excerpt) Read more at: thehill.com ...
- Photo credit(s): thehill.com
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