Last year, U.S. spending on prescription drugs was at a record breaking $425 billion before discounts, and is expected to rise by 22% annually over the next five years, which is 400%, or over $600 billion by 2020. As Donald Trump is sworn in as the 45th president of the United States, Americans across the country concerned with the soaring costs of prescription medications, will be looking to President Trump and Congress for solutions to address this national crisis.
President-Elect Trump’s top priority for healthcare reform is to repeal the Affordable Care Act, but most Americans are more concerned about prescription drug prices than Obamacare. A recent Kaiser Health Tracking Poll found that nearly 74 percent of Americans agree that a top priority for the next president and Congress should be to ensure that drugs for chronic health conditions are affordable for patients. Additionally, 63 percent believe that the federal government’s top priority should be to lower the cost of prescription medications. Last week, President-Elect Trump released a brief healthcare plan on his transition website. While the newest healthcare plan does not include prescription drug pricing, during the campaign Mr. Trump declared support for allowing Americans to import lower cost medications as part of his 7-point healthcare plan. Although not noted on that plan, President-Elect Trump voiced support for Medicare drug price negotiations during his campaign.
With the presidential election less than two months away, we’re taking some time to see where the candidates stand on prescription drug access and affordability issues – and glance at the national positions of the Democratic and Republican parties. Drug prices are not a good issue for the candidates to ignore, as tens of millions of families across the nation are impacted. According to a study in the Journal of the American Medical Association, almost 60% of American adults took at least one prescription drug in 2012, with 15% taking five or more medications. Moreover, the cost of prescription drugs is their number one healthcare concern.
A 2015 poll by the Kaiser Family Foundation found that 76 percent of U.S. adults think that the top healthcare priority for the current Administration and Congress should be "making sure that high-cost drugs for chronic conditions, such as HIV, hepatitis, mental illness and cancer, are affordable to those who need them.” Recent headlines, such as those featuring the EpiPen price hike, further highlight the public’s outrage over the soaring cost of prescription medications.