This past week President Trump laid out his new plan to decrease prescription drug prices for American's. Drug prices have been skyrocketing for many years, it's about time Government got involved, and fought back against huge pharmaceutical companies that have made outrageous profits off the backs of American's. Once again President Trump is putting American's first. Would you benefit from lower prescription drug prices?
Isn't government involvement in any prices a major violation of Republican principles about competition and free markets?
Ronny Gal, a securities analyst at Sanford C. Bernstein & Company, said the president’s speech was “very, very positive to pharma,” and he added, “We have not seen anything about that speech which should concern investors” in the pharmaceutical industry.
"Isn't government involvement in any prices a major violation of Republican principles about competition and free markets?"
It is very clear to me anyway that there are now several types of Republican's. Some prefer to keep old staunch ideals of the far right. Some have moved a bit to the left, due to President Trump. We have witnessed many Republican politicians bucking the Trump agenda, while many seem to be following his path of party change. Just my opinion, but I feel Trump's progressive "time for change" agenda is one of the reasons he won.
Many believe free markets need tweaking. It's clear it's a good concept, but the trade deals need renegotiating. NAFTA has negotiated 24 years ago, and yes it has worked out well for all involved except the USA. Over the years we have witnessed great imbalances. To complicated to decipher on a Q+A forum. The news reports little on the subject, but NAFTA negotiations have been going on for many months now. And if one digs, they would see they are going well for America. I guess it's just another 'we will have to wait and see deal".
In my opinion, we all should be concerned over unfair trade deals, and we should not continue on the same do-nothing path. To answer your question more directly. Government involvement, Democrats, and Republican's passed the NAFTA. bill. It was actually Reagan that had the original idea to implement this form of trade between nations. So, I have always felt the bill was bipartisan. And yes it's our government's responsibility as well as all involved nations governments responsibility to participate in renegotiation. As they are presently doing. I think this the outcome will result in one more feather in Trump's cap... Just my opinion.
No, it won't help me - my total expenditures for a year of prescription drugs in less than $60.
But I question the "outrageous profits off the backs of Americans". Generic drug companies are earning about 5.4% profit; that's completely in line with other industries.
A small handful of major pharmaceuticals can approach 20% in a good year, but there is a reason for that. "These segments of the pharmaceutical industry have high barriers to entry due to high research and development costs tied to U.S. Food and Drug Administration compliance; these costs can exceed hundreds of millions of dollars." We typically reward high risk with high profits (when successful, when it's not we reward with massive losses) and there is no reason to except the drug industry from this.
https://yourbusiness.azcentral.com/aver … 20671.html
With such high R&D costs we have to decide "do we want to pay for those drugs, including development costs, or not?" If we do then we will pay the costs associated with developing them.
There DOES appear to be some really egregious profit taking from companies buying patents and jacking prices through the stratosphere, but that's a completely different problem
I haven't seen details on Trump's plan, but will be interested to hear what he thinks. If it's simply to set price controls so that costs cannot be recovered in a reasonable amount of time, well, I may need a drug one day that never got developed as a result of that kind of short-sightedness.
Wilderness, Thank you for your comment. I did read the definition that is available on Trump's plan. It's title "American Patients First". It's lengthy and gives a good detail of the plan. It appears the subject was well researched and gives details on why we as American's pay more than many countries for prescription drugs, and how the "plan" will help lower costs. I am a retired RN, and I can attest that many patients confided in me that they could not afford their medications. Like you, I have been blessed, and do not take any prescription drugs. I have to add, I spend my winters in Puerto Vallarta Mexico, and I have a yearly list of drugs to pick up for friends. The medications are ridiculously inexpensive in Mexico. I hope the presidents "American Patients First" will help bring down prices for those that just can't afford their medications.
https://www.hhs.gov/sites/default/files … sFirst.pdf
I got through about half of that link before I gave up. Just not educated enough in that world to understand it - to me it was mostly buzz words without any meaning.
But I DID catch that something might be done about the rest of the world riding our coattails in the R&D area - a good thing as they need to pay their share instead of putting it all on the American consumer.
Since drugs are ridiculously inexpensive in other countries it's clear that America is footing the bill for R&D for the world. I would love to see something done to lower our prices. If that means pricing abroad has to be adjusted to make up the difference, sounds fair to me.
Where were you guys when Obamacare was trying to include a plan where we get needed drugs at the same price other countries were paying? Big Pharma was paying lobbyists a million a day to prevent this from happening and it apparently worked. Now it's a great idea when Spanky comes up with a similar plan.
LOL. It's a great idea for anyone who can actually get it done. Apparently Obama couldn't since we are still looking for it to get done.
The right fought Obama care. Yes. But, although I believe our duty, as compassionate neighbors, is to consider basic health care too important to deny any citizen; I was flabbergasted by the pork barrel orgy of greed we witnessed during those negotiations. I was horrified by the superfluous verbiage in the legislation awarding tax payer dollars to areas in order to buy votes. I was dismayed at the concessions given to the industry. I was not surprised to find that decent coverage within that was completely unaffordable and became more so over time.
So, you can call apples oranges but please accept that some of us choose to call each by its name and not simply lump them together and insist that since they are both fruit we must deem them equal in all respects.
Probably on the side of reason, for the only thing Obama had to offer was price controls. Controls which would slam shut the door on R&D and any future discoveries. Which is exactly why the large portion of new drugs comes from the US rather than from other developed countries: they won't but the research with tax money and won't allow enough profit for private industry to do it either.
Wrong again, Dan. Obama wanted to get the same deal other countries are now getting but the right fought it tooth and nail. Try again...
That's what I said, isn't it? He would institute price controls so there is not enough profit to support the massive R&D to find new drugs. That's what "other countries" do, and is why they don't produce many new drugs (compared to the single country of the US).
Regardless of how much the left pretends research is free, it isn't. Research can take decades and cost hundreds of millions for a single drug - removing the source of that income just means there won't be anything "new and improved".
Not correct, Dan. The other countries have a contract with the drug companies which they agree to purchase certain amounts of the needed drugs. They can do this because they have a National Healthcare program. As far as I know they don't place price controls on the drugs, but do contract their purchase.
I've heard no one from the left claiming research doesn't cost a lot of money. Don't know where you got that from...
LOL Yes, the government will purchase drugs. ALL of the drugs that company sells within the country. At a price the government sets, for if the company disagrees there is no one else to sell to.
It's a neat way around the price control/socialism thing, isn't it?
There is a very big difference. President Trump's plan is not adding any costs to taxpayers. You would have to check out his plan. He proposes common-sense changes to stop doctors and hospitals from overcharging Medicare and Medicaid. He is going after large pharmaceutical companies. It really is an interesting plan. And hopefully, it will help bring the costs down.
It's not a government give away as Obama proposed. I certainly support healthcare for those that truly can't afford it. However, I am strongly against any form of Socialized Government programs for all. I want to have full control over my health care. I don't want Government to have the right to dictate what care I am viable for. Trump's 44-page blueprint of the plan, entitled American Patients First.
https://www.hhs.gov/sites/default/files … sFirst.pdf
Many here will continue into the eternities as anti-Trump , thinking they know what leadership really is -but hating orange hair . The think they know foreign policy and can't place their own state on a US map . Know the answers to the economy and never pay their student loans . Think they know what Mueller knows and don't follow the speed limit in their own neighborhood.
Hey , Keep up the sophomoric hate and watch as leadership happens .
Learn in the end how Obama actually accomplished very little .
You do not and cannot control the larger part of average health care costs -the prescription drug costs, by invoking mandatory health care on an entire populace . Trump will simply work to lower prescription drug costs by regulating that one health care item ; prescription drug costs .
You don't build a city by throwing buildings at the earth , you build a city one brick at a time . Now this is where "know it alls " will say ......."But that's more regulations and Trumps supposed to be deregulating America "! Pharmaceutical companies are a cancer killing the healthcare industry from inside out , what good is knowing what an ailment even IS if you can't afford the meds ?
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