President Trump on Friday announced a new initiative to lower the cost of pharmaceuticals in the United States, having reached an agreement with nine drugmakers (which he immediately inflated to 14). Problem is, few details were disclosed.
“As of today, 14 out of the 17 largest pharmaceutical companies have now agreed to drastically lower drug prices for the American people and the American patients,” Trump said at the event.
It appears that most of the discounts will apply to Medicaid and might also be available on the announced TrumpRX site that has yet to materialize. The more important news from the meeting pertained to Trump’s intention to hold a confab with leaders of the health insurance industry.
“I’m going to call a meeting of the insurance companies,” Trump said. “I’m going to see if they get their price down, to put it very bluntly.” He said the meeting would take place either next week in Florida, where he will be working from his home at Mar a Lago, or in D.C. the week after.
Trump said the idea for the meeting came to him while holding the pharma press conference.
As for the drug deflation announced, it appears that Medicaid will get low-cost or even no-cost pharmaceuticals, while the public will be forced to use the new TrumpRX website to get discounts.
What I discern from all this is that the participating pharma companies will sell their drugs on the site minus all middle-party expenses, but not at the price enjoyed in other countries.
Let me give you an example: I recently was given a prescription for Eliquis, a blood thinner to help prevent strokes. When I went to pick it up, it was $400 a month, even with my Medicare Advantage plan.
I then checked prices on Canadian pharmacy websites, and the same drug was available in generic form for $30 a month. No generic version is available in the U.S., and I doubt it will be under the newly announced Trumpian discounts.
Looks like the drug companies are playing Trump to gain a PR edge. Let’s see what the health insurers concoct to keep the president at bay.
