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White House, Pfizer Announce Deal for 'Most Favored Nation' Drug Pricing
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White House, Pfizer Announce Deal for 'Most Favored Nation' Drug Pricing
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Promises made. Promises kept.
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I'll reserve judgment until this rolls out but requiring seniors to purchase prescriptions via a government website when many dont use internet and not everyone has access to it means that there is going to be a group that can't take advantage of this. Not to mention the homeless who may be in a similar situation and also not have a permanent mailing address.
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From the link:
Prices for many prescription drugs would drop significantly under an agreement announced Tuesday by the Trump administration and drugmaker Pfizer.
"As you know, the United States is paying sometimes 10 times more than other countries for drugs, and a lot of excuses were made for that for many years," President Trump said during a press conference in the Oval Office. "And it's not going on any longer. We're going to be paying the lowest price now."
Prices for many prescription drugs would drop significantly under an agreement announced Tuesday by the Trump administration and drugmaker Pfizer.
"As you know, the United States is paying sometimes 10 times more than other countries for drugs, and a lot of excuses were made for that for many years," President Trump said during a press conference in the Oval Office. "And it's not going on any longer. We're going to be paying the lowest price now."
- Direct access for patients to lower-priced drugs. This will come through the soon-to-be-launched TrumpRx.gov website. "This is bypassing middlemen," he said. "It increases transparency. In many instances, prices are 80% lower than they are today. No more Canadian detours to purchase drugs more inexpensively at our neighbor. You do it from home."
- Lower prices for Medicaid enrollees. "Pfizer will be [making] virtually all of its portfolio of drugs at [most favored nation] prices available to Medicaid in the near future," said Klomp. "This safeguards the program. This ensures that this program lives as a lifeline without undue burden on the taxpayer -- for those who need it most, for our vulnerable Americans, whom we are charged morally to care for."
- "Future-proofing" fairness. "This is the idea that Pfizer has committed, as are other manufacturers, that they will not launch a new drug for commercial, Medicare, Medicaid, or cash pay markets at a price that is higher" than that charged to other wealthy nations, he said, emphasizing that "They are free to price their drugs wherever they want. These are not price caps. These are not price controls. They can price however they'd like. We're simply asking them, and they are committing, not to undercut us in other countries."
- Shared savings. "As [the U.S.] succeeds in encouraging other countries to pay more for existing medications, a portion of that will go to fund additional [research and development], and a portion of that will repatriate back to the United States to offset prices, to lower prices further for Americans on those existing drugs," Klomp explained.
- More onshoring of manufacturing. Pfizer has committed "to onshore 100% of the value of all imports that it currently imports to the United States," he said.
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