Trump targets Pfizer and big Pharma for rising prescription drug costs

[Pitcher]

President Trump is targeting Pfizer and other pharmaceutical companies for raising prices on prescription drugs in recent weeks, following his vow earlier this month that costs would decline.

'Pfizer & others should be ashamed that they have raised drug prices for no reason,' Trump said in a tweet on Monday. '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.'

Earlier this month, Pfizer raised prices on more than 100 prescription medications, according to the Financial Times. 

 

+3

President Trump is targeting Pfizer and other pharmaceutical companies for raising prices on prescription drugs

Trump vowed in May that the cost of medication would go down

 

The cost of a Viagra pill is now $88.45, up from $73.85

Some examples: a bottle of Xalatan, eyedrops for glaucoma, went from $89.38 to $107.05 while the cost of a Viagra pill is now $88.45, up from $73.85. In May, Trump predicted drug costs would drop, a pronouncement that was said to take the pharmaceutical industry by surprise. 

'I think we're going to have some of the big drug companies in in two weeks, and they're going to announce because of what we did, they're going to announce voluntary massive drops in prices. So that's great. That's going to be a fantastic thing,' he said.

The Department of Health and Human Services had introduced a plan earlier that month to cut the cost of prescription drugs. But participation by pharmaceutical companies was voluntary.

 

And some drug costs have gone up over 20 percent in 2018,Fortune reported.

Trump has repeatedly criticized these companies, even accusing them of 'getting away with murder.' 

'The other thing we have to do is create new bidding procedures for the drug industry, because they're getting away with murder, pharma. Pharma has a lot of lobbies, a lot of lobbyists, a lot of power. And there's very little bidding on drugs,' he said shortly after he was elected president.

'We're the largest buyer of drugs in the world,' Trump added. 'And yet we don't bid properly. We're going to start bidding. We're going to save billions of dollars over a period of time. And we're going to do that with a lot of other industries.'

A Kaiser Health Tracking Poll from March found found that 52 percent said passing legislation to bring down the price of prescription drugs should be a 'top priority' for Trump and Congress.

Politico reported last week that drug companies were defying Trump's call to lower prices with Bayer, Novartis, and Pfizer all raises rates on some prescription medicines.

In a statement to The Hill newspaper, Pfizer said prices were raised on only a small amount of drugs.

'The list price remains unchanged for the majority of our medicines. Our portfolio includes more than 400 medicines and vaccines; we are modifying prices for approximately 10% of these, including some instances where we're decreasing the price,' the company said.

Pfizer also noted most patients or insurance companies will not pay the full amount of drug costs because of discounts.

 

http://www.dailymail.co.uk/news/article-5935309/Trump-targets-Pfizer-big-Pharma-rising-drug-costs-vowed-price-decrease.html

[jg1]

Naaaaaa. More ashamed of our government for them not doing the job we paid them to do. I watched a special on 60 Minutes a couple of weeks ago about how there is a special government agency that is supposed to make sure that drugs are affordable to the citizens of the United States. The only problem is the higher the price the drug the more money the agency makes so it's counterproductive. In the past for a very high price drug they have made a deal with another drug company to make exactly the same pill for say 100th the price. They could do this for every pill but they don't. Pure corruption and this agency should be done away with if they can do their job right.

[Jim1cor13]

Thanks Pitcher for this post. Thanks jg1 for your excellent points.

 

We have to remember, there are many politicians heavily invested in Pharma and to them, it is counter productive 

to think fair drug prices will become a reality. Between the pharma lobbyists and their bought and paid for

politicians, we the people pay the highest price in this country for drugs, more than any other country.

 

The US also consumes the largest percentage of drugs than any other country. In a way, pharma has conquered this country

over the last 45 years and they are also the largest advertiser especially within all the media groups, Fox, CNN, etc. Just listen

to all the side effects and one must wonder what the hell has happened to us and who would ever want to swallow some

of these drugs?

 

I am very glad the president is trying to counter this price gouging, but he is for the most part a lone voice within the

wilderness on this issue. Too many making huge profits, while addiction and abuse continue to rise.

 

Profits are good, but not when they are sought above the value of a persons life and well being. Research how many folks end up dead each year

due to the side effects of pharmaceuticals, and then wonder why we as a nation tolerate this form of medical terrorism while certain

folks reap whirlwind profits on their backsides. At some point, perhaps this market will correct itself and people will back away from willingly

swallowing anything their doc gives them.

 

Thanks again Pitcher, I enjoy your posts :)

[Pitcher]

Thank you Jim, well said.  I agree with 100%

[jg1]

The problem with prescription drug prices

MAY 6, 2018 7:15 PM EDT NEWSMAKERS

BY LESLEY STAHL / CBS NEWS

 

https://www.cbsnews.com/news/the-problem-with-prescription-drug-prices/

 

PBM whose function is to keep drugs' prices low makes money when drug prices are high? Is that what you've just said?

Dr. Peter Bach: Yes. So Express Scripts is many companies, not just the PBM. It also owns a pharmacy that sells expensive drugs. It also owns a company that ships and packs expensive drugs. All of those other parts of Express Scripts corporation make more money the more Acthar goes out the door, the more prescriptions for Acthar are filled and refilled.  

[Jim1cor13]

Thought this pic was an appropriate addition to your thread Pitcher 

 

 

 

Edited July 12, 2018 by Jim1cor13

[umbertino]

 

Good to see you back again here on Forum, Jim...Hope all is well with you and yours....

 

 

Best