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I've heard talk about legislation to lower drug prices. But there's been no discussion of it as far as I know.
When Trump was in office he said he wanted to lower drug prices and now that Biden is in office he has said the same. But there hasn't been any talk about how it would be done. I know, it would be done legislatively.
But will it be something drastic that will substantially lower drug industry profits or not.
I remember went Bill Clinton was running for office and he said he was going to stop the drug industry from price gouging. All the drug stocks went down pretty close to 50%. But he never did anything when he was in office. It was just a gimmick to get more votes.
Trump, who is supposed to stand for free markets said the same but he never did anything either.
From what I have read, China was thinking of lowering drug prices, perhaps in an effort to keep drugs from being produced in the U.S.. But I haven't heard any more about it. I'm not sure what their role is in the global market but I know they can have an effect on the profits of American companies.
Now Biden has said from time to time that he wants legislation to lower drug prices.
I know that lots of people could benefit from lower prices but from an economic stand point, would that be capitalism or socialism?
Here's what looks like an interesting article by Forbes (I haven't read it yet but I will.)
I've heard talk about legislation to lower drug prices. But there's been no discussion of it as far as I know.
When Trump was in office he said he wanted to lower drug prices and now that Biden is in office he has said the same. But there hasn't been any talk about how it would be done. I know, it would be done legislatively.
But will it be something drastic that will substantially lower drug industry profits or not.
I remember went Bill Clinton was running for office and he said he was going to stop the drug industry from price gouging. All the drug stocks went down pretty close to 50%. But he never did anything when he was in office. It was just a gimmick to get more votes.
Trump, who is supposed to stand for free markets said the same but he never did anything either.
From what I have read, China was thinking of lowering drug prices, perhaps in an effort to keep drugs from being produced in the U.S.. But I haven't heard any more about it. I'm not sure what their role is in the global market but I know they can have an effect on the profits of American companies.
Now Biden has said from time to time that he wants legislation to lower drug prices.
I know that lots of people could benefit from lower prices but from an economic stand point, would that be capitalism or socialism?
Here's what looks like an interesting article by Forbes (I haven't read it yet but I will.)
Price Controls Are Not The Answer To Expensive Drugs
Here's the latest info I could find. I feel like it was already sabotaged though by Manchin. This lowering of drug prices keeps getting tacked onto larger bills and then it never passes.
Here's the latest info I could find. I feel like it was already sabotaged though by Manchin. This lowering of drug prices keeps getting tacked onto larger bills and then it never passes.
I don't follow this closely since I'm not prescribed any meds, but it seems to me that if the people were allowed to purchase drugs from companies in Europe, Asia, etc., then competition may force the American drug manufacturers to lower their prices. I'm not a big fan of the guberment setting price controls; too much of a slippery slope.
Here's the latest info I could find. I feel like it was already sabotaged though by Manchin. This lowering of drug prices keeps getting tacked onto larger bills and then it never passes.
I have a hard time blaming any one person when they keep tacking it on to larger bills.
The D's have had 18 months or so of control so clearly they aren't that motivated to make this happen any more than the R's.
Here's the latest info I could find. I feel like it was already sabotaged though by Manchin. This lowering of drug prices keeps getting tacked onto larger bills and then it never passes.
They could easily pass it as a standalone bill but they haven't. Why not ?
Manchin didn't sabotage anything.
I've heard talk about legislation to lower drug prices. But there's been no discussion of it as far as I know.
When Trump was in office he said he wanted to lower drug prices and now that Biden is in office he has said the same. But there hasn't been any talk about how it would be done. I know, it would be done legislatively.
But will it be something drastic that will substantially lower drug industry profits or not.
I remember went Bill Clinton was running for office and he said he was going to stop the drug industry from price gouging. All the drug stocks went down pretty close to 50%. But he never did anything when he was in office. It was just a gimmick to get more votes.
Trump, who is supposed to stand for free markets said the same but he never did anything either.
From what I have read, China was thinking of lowering drug prices, perhaps in an effort to keep drugs from being produced in the U.S.. But I haven't heard any more about it. I'm not sure what their role is in the global market but I know they can have an effect on the profits of American companies.
Now Biden has said from time to time that he wants legislation to lower drug prices.
I know that lots of people could benefit from lower prices but from an economic stand point, would that be capitalism or socialism?
Here's what looks like an interesting article by Forbes (I haven't read it yet but I will.)
Price Controls Are Not The Answer To Expensive Drugs
this has been "talked" about since the time of Reagan....
one of the biggest obstacles, is that we are supporting the rest of the world, countries like Canada, France have made agreements with the drug companies, and unfortunately we get stuck supporting their cost coupons
Quote:
he most common explanation for why drug prices are high in the U.S. is what economists call “free riding.” The argument goes like this: because the U.S. is willing to pay higher prices for drugs, other countries don’t feel the ‘need’ to do so and therefore don’t.
this is from 2018 when trump was trying
Quote:
Back in February, the US Council of Economic Advisers issued a white paper on drug pricing implying that other rich countries should stop “free riding” off American innovation by negotiating drug prices to unfairly low levels after the US fronts the research and development costs.
Perhaps in response, President Trump recently announced a proposal to bring down US drug prices. But until the US corrects the structural flaws in its own healthcare system, these efforts are bound to fall short.
President Trump’s plan faces an uphill battle
President Trump’s plan centers on an “international price index” model. The proposal focuses on one part of Medicare (the government program for people over 65): Part B, which covers drugs administered to patients by physicians, compared to Part D, which is nearly five times larger and covers drugs dispensed by pharmacies.
Projected to save $17.2 billion over five years, the proposal would introduce an experimental plan to be tested in half the country, with three approaches aimed at reducing the price of on-patent drugs:
Externally referencing prices to 16 other high-income countries
Introducing private vendors to aggregate volumes for negotiated discounts
Separating the cost of drugs from physician compensation
The proposal is likely to face significant challenges, including pushback from pharmaceutical companies against “price controls,” from physicians concerned about making less money, and from lawmakers and pharma lobbyists. It is also possible that pharmaceutical companies will refuse to offer the lower prices that the index projects, leaving patients vulnerable to lack of access. https://www.cgdev.org/blog/are-other...us-drug-prices
no matter who proposes it, or who wants it, it will be a challenge, as we could end up screwing other countries, or end up decreasing innovation
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