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Jul 11 - White House scraps key plan to lower U.S. drug prices; may target drugmakers


 


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 6 days ago '11        #1
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Sin 2165 heat pts2165
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Jul 11 - White House scraps key plan to lower U.S. drug prices; may target drugmakers
 

 
NEW YORK/WASHINGTON (Reuters) - The Trump administration on Thursday scrapped one of its most ambitious proposals for lowering prescription medicine prices, backing down from a policy aimed at health insurers and raising the possibility of new measures focused on drugmakers.

The abandoned proposal would have required health insurers to pass billions of dollars in rebates they receive from drugmakers to Medicare patients.

The decision represents a new setback to U.S. President Donald Trump’s efforts to deliver on a pledge to lower drug prices for consumers before the November, 2020 election, when Republicans want to capitalize on voter concern over high healthcare costs.

It allows companies like Cigna Corp and CVS Health Corp, which negotiate rebates with drugmakers on behalf of the government’s Medicare program, to continue to benefit from those discounts.

Shares of Cigna rose 9%, CVS gained 5% and UnitedHealth Group Inc was up 6%.

Pharmaceutical company shares fell, with Merck & Co off 4%, Bristol-Myers Squibb Co down 3% and Pfizer Inc off 2%.

Baird analyst Eric Coldwell said Trump was likely refocusing his reform efforts on the pharmaceutical companies themselves.

“There are still many headwinds for the supply chain, but... pharma and biotech seem to have drawn the ire of the administration more recently,” said Coldwell, noting the industry’s successful legal challenge of a rule that would have required drugmakers to include list prices in TV ads for their medicines.

“Shelving the rebate reform initiative, which pharma strongly supported, feels like payback,” Coldwell added.

The White House first floated the idea of ending the rebates last year as part of a drug pricing “blueprint” aimed at bringing down costs.

Several Democratic presidential hopefuls have also seized on drug pricing as a key issue for the 2020 elections. Legislators, including House Speaker Nancy Pelosi, are pushing for new laws to allow the government to negotiate drug prices directly with manufacturers.

A senior administration official, speaking on the condition of anonymity, said the rule was too costly and could have hurt chances for bipartisan legislation.

“The decision was made that... it was not prudent to go forward with the rule right now, that it would be too disruptive, that the risk was probably too high, and that it might upset a legislative deal, which is our primary focus,” he said.

The rebate rule would have forced companies like Cigna and CVS either to forgo the discounts or pass them onto Medicare patients enrolled in their health insurance plans and drug plans.

They argued that such a change would force them to raise monthly premiums and had been pressing the administration to consider its impact on Medicare, which includes people aged 65 and older and the disabled, and instead focus on drugmakers.

“Only drug manufacturers have the power to set drug prices. We believe that the key to lowering drug costs is to enact policies that encourage greater competition,” JC Scott, chief executive of industry lobbyist Pharmaceutical Care Management a*sociation, said in a statement.

PhRMA, the main pharmaceutical industry lobby group, disagreed, saying in a statement that the move ended the only government proposal that would have provided immediate savings at the pharmacy counter for patients.

‘UNINTENDED WINDFALL PROFITS’ FOR DRUGMAKERS

The Trump administration is considering a proposed rule that aims to bring some U.S. drug prices in the Medicare program in line with lower prices paid by other countries.

U.S. Department of Health and Human Services Secretary Alex Azar said on Thursday that Americans overpay for medicines, subsidizing socialist European systems. Most European countries pay for citizens’ healthcare and directly negotiate drug prices.

Azar also said that he and Trump are working on allowing the importation of cheaper drugs from other countries, a move Trump has endorsed but which drugmakers have long opposed.

The rebate rule was estimated by the nonpartisan Congressional Budget Office to cost the government $177 billion over the next 10 years. The CBO also said it was likely drugmakers would not cut their prices because of the rule.

The government had hoped that by eliminating rebates of 15 percent to 30 percent, or more, of a drug’s listed price, the prices would fall.

JP Morgan analyst Gary Taylor said in a note that political momentum had been building against the rebate rule “due to the perceived unintended windfall profits that might have accrued to pharmaceutical manufacturers.”

Politico first reported the planned scrapping of the rebate rule on Thursday and the White House confirmed the decision to Reuters.

“Based on careful analysis and thorough consideration, the President has decided to withdraw the rebate rule,” White House spokesman Judd Deere said in an emailed statement.

In recent weeks, Politico and other publications reported that the White House and Azar had disagreed over the rule. Azar said on Thursday that he planned to stay in his job as long as Trump wanted him there.

visit this link https://www.reuters.com/a .. -idUSKCN1U61J1
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 6 days ago '17        #2
Naga Sadow 52 heat pts52
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I knew it was too good to be true.

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 6 days ago '11        #3
Sin 2165 heat pts2165 OP
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 Naga Sadow said
I knew it was too good to be true.

Yeah a lot of y’all called it
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 6 days ago '17        #4
Naga Sadow 52 heat pts52
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 Sin said
Yeah a lot of y’all called it
Funny thing is that despite my major disdain for him and his administration I was hoping he would pull through on the and commended him for the effort. But just as with everything with him it's all talk to get praise. Unless it benefits him or his people he couldn't care less about anything.
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 6 days ago '18        #5
Deeznutz1981 12 heat pts12
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 Naga Sadow said
Funny thing is that despite my major disdain for him and his administration I was hoping he would pull through on the and commended him for the effort. But just as with everything with him it's all talk to get praise. Unless it benefits him or his people he couldn't care less about anything.
This is exactly why I hope he never does a single thing to help you or your family out that would bother me a lot. I hope every single one of his policies directly hurts you because you don't deserve a thing and you definitely don't deserve to be happy.
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 6 days ago '17        #6
yousabitch 1 heat pts
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 Deeznutz1981 said
This is exactly why I hope he never does a single thing to help you or your family out that would bother me a lot. I hope every single one of his policies directly hurts you because you don't deserve a thing and you definitely don't deserve to be happy.
Stfu you child
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 6 days ago '17        #7
Naga Sadow 52 heat pts52
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 Deeznutz1981 said
This is exactly why I hope he never does a single thing to help you or your family out that would bother me a lot. I hope every single one of his policies directly hurts you because you don't deserve a thing and you definitely don't deserve to be happy.
Hahaha! Says the fool who depends on the government to take care of himself because he's too incompetent. I don't need anyone to take care of me and mine. We're great over here. Who are you to tell me what I do and don't deserve? It's funny how you're so wuick to take government fending despite you speaking so I'll of it. His policies or lack there of will hurt you far more and far sooner than they will hurt me. And it's sad you wish ill will towards me and mine. It just shows how spiteful you are inside. Rather than that, why can't you want happiness for everyone? Are you that angry and bitter with yourself and the way your life turned out to be that you want others to suffer as much as you do so you don't feel alone? Would that make you feel better? When I heard you had a stroke I felt bad and i hope that despite our clash in opinions you get better. I hate to see anyone suffer, especially from uncontrollable health issues. But to wish ill will towards me a stranger on a forum, while I find it rather funny, just shows how miserable you are with your own life and how empty you are and I honestly feel sorry for you. Why not try to be happy. Rather than be focused on making those of differing opinions mad why not try to put a smile on someone's face? Tell a joke, share a funny story, offer a gesture of kindness. Stop being miserable and hateful and try focusing on the beautiful things life has to offer.

Smile for once.

 6 days ago '12        #8
OldBusiness 181 heat pts181
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 Deeznutz1981 said
This is exactly why I hope he never does a single thing to help you or your family out that would bother me a lot. I hope every single one of his policies directly hurts you because you don't deserve a thing and you definitely don't deserve to be happy.
The problem his LACK of policies are hurting red states the most. You have young people in South Carolina dying from diabetes at a rate of faster than anywhere else in the world...why? Cause they cant afford insulin.

You have 90k senior citizens losing their benefits in Kentucky come November, and he refuses to talk healthcare until after 2020.

Hate to break it to you my autistic friend, no matter how you slice it red states are hurting more.

So I hope he does just what you said, nothing....watch what happens to republican states

You like posting liberal tears...heres some equally delicious MAGA tears:



[pic - click to view]




Maga tears are delicious
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 6 days ago '12        #9
OldBusiness 181 heat pts181
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 Sin said
Yeah a lot of y’all called it
I told ya fam. Same ol sh*t, he doesnt have a policy bone in his body.

Atleast they got red hats, tweets, and alot of lost jobs
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 6 days ago '17        #10
Naga Sadow 52 heat pts52
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 OldBusiness said
The problem his LACK of policies are hurting red states the most. You have young people in South Carolina dying from diabetes at a rate of faster than anywhere else in the world...why? Cause they cant afford insulin.

You have 90k senior citizens losing their benefits in Kentucky come November, and he refuses to talk healthcare until after 2020.

Hate to break it to you my autistic friend, no matter how you slice it red states are hurting more.

So I hope he does just what you said, nothing....watch what happens to republican states

You like posting liberal tears...heres some equally delicious MAGA tears:



[pic - click to view]




Maga tears are delicious
What k*lls me is how ignorant they are to voting against their own interests. Are they that filled with fear and hate towards liberals and the black and brown boogeyman that automatically vote for the ones causing them to suffer?


[video - click to view]


These people would rather be k*lled by a white person than be saved by a black or brown person.
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 6 days ago '09        #11
messy marv stan 5403 heat pts5403
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 OldBusiness said
I told ya fam. Same ol sh*t, he doesnt have a policy bone in his body.

Atleast they got red hats, tweets, and alot of lost jobs

topuee is boiught by the big pharma rico cartel. the lower price scheme was just a bunch of hot air propaganda as usual. mr potato head would believe it of trump said that space aliens are invading the usa

 6 days ago '07        #12
Ham Rove 3540 heat pts3540
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hes too busy throwing rally's and hosting internet trolls @ the white house to be worried about this

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 6 days ago '15        #13
87HUNDRED 63 heat pts63
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 Naga Sadow said



These people would rather be k*lled by a white person than be saved by a black or brown person.
Pure MF Stupidity. How the hell do u deliberately vote against your economic interest and overall well-being.

My day job is unionized (railroad), and all the white guys and white women voted for trump/ republicans. ( we literally can get suspended, with pay, 7 to 8 times before we’re actually fired, because of our union protection)

I tell/ask them “you know republicans want to abolish the union right?”

Their response “ yeah I know, but democrat want everyone to have free healthcare.”

My response “ democrats are for strong labor unions, which ensure we still get paid during suspension.” ( it would be in your economic interest to vote for dems)

Next election: “hey billy bob, who did you vote for” billy bob : “Trump”

Me:


[pic - click to view]

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 5 days ago '17        #14
dubsax 16 heat pts16
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it costs a lot of money to develop a new drug.
Some of the patient costs are crazy but when you look into how its done its a no win battle.

People like to focus on the majors like pfizer, and lilly but most of the heavy work is done by small biopharms that lose money most of the time.
Big companies will sponsor the small biopharm research.

You may have 10-15 small companies working on the same issue but only one gets FDA approval that means the others have to eat that time and costs.

We only look at how much it costs to manufacture but what we dont factor in is r&d and the attempts that dont make it to market have to get factored in to the price of those that do.

A time limit should be set in regards to pricing and patents. After 5 years pricing is reduced to no more than 20% above cost and 15 years for closed patents until generics.

The majors have an obscene amount of money but they also burn through an obscene amount too.

 5 days ago '16        #15
AMG2M4 106 heat pts106
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That actually was a good idea. Disappointed he didn't go through with it.

Imagine seeing the ridiculous prices on a drug ad in addition to the extended list of side effects it causes.

Baird analyst Eric Coldwell said Trump was likely refocusing his reform efforts on the pharmaceutical companies themselves.
Or he's not even willing to take on the Big Pharmaceuticals machine. We shall see.

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