News
Despite Trump Promising to Cut Drug Prices by ‘1,500%’, 350 Medicines to Become More Expensive
Despite President Donald Trump repeatedly making the absurd promise of cutting drug prices by “1,500%”—meaning that people would be paid to get their medicines—major drug manufacturers are intending to raise prices on 350 medications.
Medicines expected to see a rise in costs include COVID vaccines and a cancer treatment, according to reporting by Reuters. Last year, about 250 drugs got a price increase. That increase was about 4%, which is the median increase of the new prices this year.
The news comes almost two weeks after the White House announced new agreements meant to give Americans the “most-favored-nation” price. The MFN price is the same as the “lowest prices paid by other developed nations,” the Trump administration said in a statement. However, it appears the lower prices will apply only to the government’s TrumpRx prescription drug marketplace.
READ MORE: Trump Promises to Lower Drug Costs as House GOP Tries to Cut $880B From Medicaid
“Patients will be able to see massive price reductions on numerous products when purchasing directly through TrumpRx as a result of today’s actions,” the White House said.
While at least 350 drugs are going to get a price bump, about nine drugs are expected to get a price cut. Those include the anti-diabetes drug Jardiance, which is expected to have its price slashed by 40%. Jardiance is one of 10 drugs the White House negotiated a lower price for.
Critics of the plan point out that while TrumpRX may see lower prices, it may not hold for all consumers.
“These deals are being announced as transformative when, in fact, they really just nibble around the margins in terms of what is really driving high prices for prescription drugs in the U.S.,” Dr. Benjamin Rome, a health policy researcher at Brigham and Women’s Hospital in Boston, told Reuters.
He added that manufacturers appear to be setting two prices: one for direct-to-consumer sales and a negotiated price for insurance companies.
The Centre for Economic Policy Research agrees with Dr. Rome, saying that the main reason behind high drug prices is patent monopolies, according to The Hill.
Image via Reuters
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