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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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- Nov 15, 2006
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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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eclipsenow
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Hooray! You're saved! Except this is one little detail, and that is that Pfizer is only 11% of your drug supplies. Now Trump has to go around and beg and plead with your big farmer to all give the same deal as Pfizer.
How much more efficient means of bringing the cost of medicine down is to have the one massive drug purchasing government department that takes the one huge tender to the marketplace each year and says today we're buying paracetamol, who can give us the best price?
That's a tender everyone is going to bend over backwards to get because it is so huge, and so important, that it demands respect not just cheaper prices!
Australia's pharmaceutical benefits scheme or PBS operates on this method. It's one of the three main reasons our medicine and healthcare services are so much cheaper than yours.
The other two is I keep mentioning are that we have a single payer system called Medicare, and it pays for government owned and operated hospitals to perform healthcare services for essential lifesaving needs. It means Australians go to the doctor earlier get treated earlier get diagnosed earlier and it's all so much cheaper.
You guys pat twice what the average OECD nations pay - for far worse outcomes in health and longevity. In other words your system is so bad Americans do not have the same life expectancy as Australians! You are literally dying so that the CEOs of private hospitals and big pharma and big insurance can buy this second yacht.
It is costing your economy and costing lives.
And you think you should celebrate because Trump made one company promise to lower their outrageous profits in your nation a little bit? I think you need to spend more time reading international medical statistics to get the big picture.
You shouldn't be grateful, you should be outraged that so much more hasn't happened!
Do you care about the plight of the poor? No really? I'm really asking?
How much more efficient means of bringing the cost of medicine down is to have the one massive drug purchasing government department that takes the one huge tender to the marketplace each year and says today we're buying paracetamol, who can give us the best price?
That's a tender everyone is going to bend over backwards to get because it is so huge, and so important, that it demands respect not just cheaper prices!
Australia's pharmaceutical benefits scheme or PBS operates on this method. It's one of the three main reasons our medicine and healthcare services are so much cheaper than yours.
The other two is I keep mentioning are that we have a single payer system called Medicare, and it pays for government owned and operated hospitals to perform healthcare services for essential lifesaving needs. It means Australians go to the doctor earlier get treated earlier get diagnosed earlier and it's all so much cheaper.
You guys pat twice what the average OECD nations pay - for far worse outcomes in health and longevity. In other words your system is so bad Americans do not have the same life expectancy as Australians! You are literally dying so that the CEOs of private hospitals and big pharma and big insurance can buy this second yacht.
It is costing your economy and costing lives.
And you think you should celebrate because Trump made one company promise to lower their outrageous profits in your nation a little bit? I think you need to spend more time reading international medical statistics to get the big picture.
You shouldn't be grateful, you should be outraged that so much more hasn't happened!
Do you care about the plight of the poor? No really? I'm really asking?
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And still Pfizer's stock price is in the toilet. They should have read The Art of the Deal.
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Trump unveils deal for AstraZeneca to cut Medicaid drug prices and join "TrumpRx" site
Pharmaceutical giant AstraZeneca will offer U.S. patients discounted prices for some prescription drugs, President Trump announced Friday, the second major drug company to strike a deal with the Trump administration in recent weeks.
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eclipsenow
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What sort of numbers are we talking? Half the price?
See - here's the thing.
Diabetics without 'healthcare insurance' in the USA are paying over $1000 a month for organ-saving, life-saving insulin.
Australian citizens have Medicare cards and the Federal Pharmaceutical Benefits Scheme working for us. The PBS are the guys your Big Pharma HATE with a passion because they do bulk tenders to market, and always buy effective but generic (not name-brand) meds where possible.
Because the PBS are so good at buying bulk - and getting economies-of-scale discounts - the government can afford to subsidise essential meds a bit.
So insulin in Australia costs the average citizen AU $31.60 per month - and elderly or concessional patients AU $7.70.
How's Trump's 'deal' stacking up compared to that?
(And remember - Australia provides UNIVERSAL healthcare insurance for ALL citizens via the universal Medicare card all adults carry.
And we do this at half the per capita cost of the American healthcare sector.)
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