Trump to Trumpet Feeble Plan on Prescription Drugs
Today, President Trump is set to deliver a speech about prescription drug costs.
After accusing the pharmaceutical industry of ‘getting away with murder’ and making multiple bold promises to lower drug prices ‘very substantially in the not-too-distant future,’ President Trump and his Administration have not taken any serious action on the issue.
Even worse, the pharmaceutical industry has a firm grip on this Administration, wielding influence in top positions – including Alex Azar, Trump’s HHS Secretary and former top pharmaceutical executive.
And after pocketing massive windfalls from the GOP tax scam, big pharmaceutical companies – like Pfizer – are buying back millions in their own stock and even laying off hundreds of workers, instead of lowering the costs of prescription drugs for hard-working American families.
President Trump campaigned on promises to bring down the cost of prescriptions. You’d think the massive tax cut he signed into law in December would be the perfect opportunity for drug companies to take some of their windfall and bring down those prices.
Since Trump took office in January 2017, the prices of over 2,500 drugs have increased by at least double digits and almost 40 have increased by triple digits or more.
So these [drug] companies reaped major windfalls from the new tax law and they could be spending it any way they want — keeping it for shareholders, reinvesting in research and development or, in a rare opportunity to help consumers without hurting shareholders, reversing this trend of constant price increases. The quickest way to reward shareholders is to announce stock buybacks, and for the most part that’s what they did.
President Donald Trump wants Americans to get lower prices for medicines — and the rest of the world may pay for it.
His “America First” message on drugs at home, coupled with pro-pharmaceutical industry policies abroad, could lead to higher costs for patients around the world — without making drugs more affordable for those in the U.S.
President Trump keeps talking the talk. But it’s time to actually walk the walk. Hard-working American families deserve real action to lower the soaring cost of life-saving medication.
Democrats are offering A Better Deal on Prescription Drug Prices – a bold, ambitious plan to fix the broken prescription drug price market. The President and his Administration should work with Democrats to offer real solutions for struggling families, not waste their time bragging about pointless window-dressing policies.