Today, President Trump announced four executive orders with the stated intent of substantially lowering drug prices. Briefly, the administration’s bluster on drug prices over the past three years has been far louder than any actions taken to actually do something about it. Better late than never.
The orders call for and include: 1) Lower prices on EpiPens and insulin, 2) Allowing personal drug importation, 3) Ending profit-taking by pharmacy benefit manager middlemen, and 4) “most favored nation” drug price negotiation in Medicare, meaning Medicare would get the lowest price on drugs of any country.
We are pleased to announce that Senator Amy Klobuchar (D-MN) recently introduced legislation aimed at lowering the high cost of prescription drugs for the 41 million seniors enrolled in Medicare. If enacted, S. 1688, The Empowering Medicare Seniors to Negotiate Drug Prices Act, would allow the Secretary of Health and Human Services to negotiate fair prescription drug prices under Part D of the Medicare program. The federal government spends far more on prescription drugs purchased for Medicare enrollees than it spends for Medicaid and the Veterans Administration because the current law prohibits Medicare from negotiating lower prices with pharmaceutical companies.