You may say a lot about President Donald Trump immigration policies and travel ban. But he sure is working hard to provide the American people with cheaper medicines. One of Trump’s campaign promises is to make less expensive drugs accessible to Americans. He’s making sure this promise is kept.
On Tuesday night, he tweeted that he’s working on a “new system where there will be competition in the drug industry.” He sent this the morning after the House Republicans released their long-awaited legislation that will repeal and replace the Affordable Care Act or the Obamacare. He also touted this Obamacare on Tuesday, adding that more competition in the pharmaceutical sector will come later.
Donald Trump Hard At Work For The Americans
In a statement sent by the White House, it said that President Donald Trump is “committed to making drugs more affordable while promoting innovation, and cutting regulations to encourage drug companies to bring back operations and jobs to the United States.” It did not elaborate on what the President meant by bringing in more competition in the pharmaceutical industry.
In the past, Trump had hinted that he plans to bid out certain drugs. Still, this does not make the incoming policies clear to analysts. Unlike many countries in the world, the US doesn’t directly regulate medicine prices.
There is already an existing competition between branded drugs and generic drugs. Medicare Part D, the prescription drug part of the government program for the elderly includes multiple formulary tiers that allow branded medicines to be interchangeable. Another way to lower drug costs is to also lower co-payments with insurance companies.
Trump Told Pharma Eexecs To Drop Prices
Back in January, during a meeting with pharmaceutical executives, Trump asked drug companies to lower the price of drugs that the government purchases. This will allow the government to provide the drugs for their health programs. It will also offer cheaper medicines to millions of Americans.
In return, he promised to speed up the approval times for new medicines. Asking the companies to bring back their manufacturing businesses to the United States, he also pledged to cut down regulations. Trump commented that it was “disgraceful” that companies spend over $2 billion for the development of a new drug, but had to wait 15 years for the FDA to approve it.
Senator Bernie Sanders, a Vermont independent, had earlier expressed his support to Trump’s call. He said he is looking forward to working with President Donald Trump to stand up to the pharmaceutical industry and reduce drug prices.