President Trump Plans to Combat Rising Rx Drug Costs

President Trump Plans to Combat Rising Rx Drug Costs

President Trump Plans to Combat Rising Rx Drug Costs

Friday, US President Donald Trump unveiled a multi-pronged plan to help lower the price of prescription drugs, saying it’s time to bring down the cost because Americans are being priced out.

“The drug lobby is making an absolute fortune at the expense of American consumers,” President Trump said. “No industry spends more money on lobbying than the pharmaceutical health products industry. Last year, these companies spent nearly $280-M on lobbyists. That is more than tobacco, oil, and defense contractors combined.”

President Trump then listed the stakeholders in the Rx drug world, a list that includes drug companies, insurance companies, distributors, pharmacies, and others.

“Government has also been part of the problem because previous leaders turned a blind eye to this incredible abuse,” President Trump said. “But under this administration, we are putting American patients first.”

The new plan will eliminate “dishonest double-dealing” among distributors that results in higher prices at the consumer level.

It will get rid of a rule that prevents pharmacists from telling consumers how they can save money on prescriptions, and it will allow the FDA to speed up the approval process of new over-the-counter medicines.

The President accused foreign countries of paying lower prices for Rx drugs, a practice that forces Americans to pay more money to make up the difference.

“In some cases, medicine that costs a few dollars in a foreign country costs hundreds of dollars in America for the same pill, with the same ingredients, in the same package, made in the same plant,” President Trump said.

“It’s time to end the global freeloading once and for all. I have directed US trade representative Bob Lighthizer to make fixing the top priority with every trading partner. America will not be cheated any longer, and especially will not be cheated by foreign countries.”

Have a terrific weekend

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :