Tag: drug prices

A Deal on Drug Prices Undone by White House Insistence on ‘Trump Cards’

New York Times logo

The White House and the pharmaceutical industry were nearing a major deal to lower drug prices. Then the administration demanded that $100 cash cards be sent to millions of seniors before the election — and the industry balked.

WASHINGTON — After months of heated accusations and painstaking negotiations, the White House and the pharmaceutical industry neared agreement late last month on a plan to make good on President Trump’s longstanding promise to lower drug prices.

The drug companies would spend $150 billion to address out-of-pocket consumer costs and would even pick up the bulk of the co-payments that older Americans shoulder in Medicare’s prescription drug program.

Then the agreement collapsed. The breaking point, according to four people familiar with the discussions: Mark Meadows, Mr. Trump’s chief of staff, insisted the drug makers pay for $100 cash cards that would be mailed to seniors before November — “Trump Cards,” some in the industry called them. Continue reading.

Drug price outrage threatens to be liability for GOP

The Hill logoThe GOP’s reluctance to challenge rising prescription drug costs could be a political liability for the party in 2020.

Outrage over increasing prices has propelled the issue to the top of voters’ minds heading into the November elections, when Republicans hope to keep control of the Senate and retake the House.

But proposals that would limit what drug companies can charge for their products face opposition from Republicans, presenting an obstacle to congressional passage.  Continue reading.

Speaker Hortman: House DFLers will have insulin bill ready by end of September

SAINT PAUL, MINNESOTA — House DFLers are holding four Community Conversations outside of the Capitol in September to listen to Minnesotans impacted by the high cost of insulin. On Thursday, September 26th at 1 p.m., the Health and Human Services Finance Division will hold a formal public hearing in Room 200 of the State Office Building to share ideas from the Community Conversations and discuss the Alec Smith Emergency Insulin Act.

House Speaker Melissa Hortman released the following statement:

“We are spending the month of September listening to Minnesotans about their experiences trying to obtain affordable insulin. During the 2019 session we passed legislation in the Minnesota House to provide emergency insulin to Minnesotans who need it. At the hearing on September 26th, we will discuss our proposed legislation to address this public health emergency.

“Minnesotans shouldn’t lose their lives because they can’t afford the lifesaving medications they need, like insulin. House DFLers are ready to get this done. It shouldn’t have to wait until next year.”

A handout listing the Community Conversations and HHS Finance Committee hearing is available here:

Schedule of September events

Trump kills key drug price proposal he once embraced

Washington Post logoThe Trump administration has withdrawn a key proposal to lower drug prices, which its top health official had touted seven months ago as the most effective way to curb medicine costs for consumers.

The drug rebate rule would have ended a widespread practice in which drugmakers give rebates to insurance middlemen in government programs such as Medicare. The idea was to channel that money to consumers instead.

The proposed rule was the second major Trump drug pricing effort to collapse this week after a federal judge blocked an administration rule that would have required drugmakers to disclose the list prices of their medicines in television ads. Together, they complicate the administration’s efforts to lower prescription drug costs, potentially undermining one of President Trump’s main campaign promises as he seeks a second term.

View the complete July 11 article by Yasmeen Abutaleb, Amy Goldstein and Ashley Parker on The Washington Post website here.

The Simple Solution To Lower Drug Prices for All Americans

Center for American Progress logoLast month, 43 states and Puerto Rico sued drug companies for inflating prices by up to 1,000 percent from 2013 to 2015. The lawsuit alleges the unlawful practice of price fixing. But even without collusion, drug companies gouge patients and taxpayers for one simple reason: They legally can.

The price hikes affected the cost of more than 100 generic drugs that treat cancer, diabetes, HIV, arthritis, and other conditions. Far from unusual, they are part of a pattern. Insulin, for example—a drug that treats diabetes—has existed since the 1920s. Between 2012 and 2016, the average price of insulin nearly doubled. This price gouging has led some patients to ration insulin doses, a matter of life and death.

A few years ago, it was EpiPen—the injection for life-threatening allergic reactions—in the headlines. Mylan, its manufacturer, had raised the price from $100 to more than $600 since 2007, before the first generic version was approved. These examples illustrate the dire need for bold legislation that addresses these egregious price hikes, the burden of which falls on consumers.

View the complete June 21 article by Topher Spiro on the Center for American Progress website here.

Minnesota House passes bill regulating pharmaceutical middle men

SAINT PAUL, MINNESOTA – The Minnesota House today approved Representative Alice Mann’s bill (H.F. 728) to lower the cost of prescription drugs by regulating, requiring transparency from, and creating fiduciary responsibilities for Pharmacy Benefit Managers (PBMs), which serve as pharmaceutical middle men.

“We can’t let a key player in an industry that represents nearly a fifth of our economy operate in obscurity,” said Rep. Alice Mann (DFL-Lakeville). “We have a responsibility to increase transparency and accountability in health care to make sure that Minnesotans can afford the medications they need to survive.”

PBMs are a middle man between drug manufacturers and pharmacies, developing and maintaining lists of covered drugs (formularies) that they offer to pharmacies. Drug manufacturers give PBMs rebates – or kickbacks – to encourage the PBM to place their product on the formulary, with no guarantee that the rebate will be passed on to consumers. Higher rebates incentivize PBMs to remove less expensive drugs from formularies, and encourage companies to raise list prices. All of this raises the price of prescription drugs. Continue reading “Minnesota House passes bill regulating pharmaceutical middle men”

House to Hold Hearing on Legislation to Address Skyrocketing Cost of Insulin

SAINT PAUL, MINNESOTA – Tomorrow, March 5, the House Commerce Committee will hear several bills to address the skyrocketing cost of insulin, including the Alec Smith Emergency Insulin Act. The hearing will take place in conjunction with Insulin for All Day at the Minnesota State Capitol, where Minnesotans will share their stories and struggles with access to affordable insulin. Nicole Smith-Holt and James Holt will speak at the rally and testify before the House Commerce committee, sharing the story of their son Alec, who lost his life when we was forced to ration his insulin because he could not afford it.

“In Minnesota, no one should lose their life because they cannot afford the insulin they need to survive,” said Rep. Michael Howard. “I am grateful for the advocacy of Minnesotans across the state who are standing up to Big Pharma and urging leaders at all levels of government to take action. It is time that we listen and move forward with these important bills to make insulin more accessible and affordable for all.” Continue reading “House to Hold Hearing on Legislation to Address Skyrocketing Cost of Insulin”

ICYMI: Wall Street Journal: Drugmakers Raise Prices on Hundreds of Medicines

Trump promised to bring down prescriptions drug costs. Instead, he gave massive tax breaks to pharmaceutical companies and did nothing to actually lower costs. Now, pharmaceutical companies are once again raising drug prices.

Wall Street Journal: Drugmakers Raise Prices on Hundreds of Medicines, By Jared S. Hopkins

Pharmaceutical companies are ringing in the new year by raising the price of hundreds of drugs, with Allergan AGN 0.65% PLC setting the pace with increases of nearly 10% on more than two dozen products, according to a new analysis.

[…]

More than three dozen drugmakers raised the prices on hundreds of medicines in the U.S. on Tuesday, according to an analysis from Rx Savings Solutions, which sells software to help employers and health plans choose the least-expensive medicines. The average increase was 6.3%, according to the analysis, including increases on different doses for the same drug.

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Big Pharma has hand in election

Erik Paulsen has repeatedly maintained, “I do what’s right for my constituents regardless of who donates to me.”

And, receive donations, he does: Paulsen ranks sixth of 435 U.S. representatives for the amount of money he receives from PACs: over $2 million. Is it really possible that Paulsen is unaffected by this money?

As a nurse practitioner who prescribes drugs, Minnesota law prohibits me from taking more than $50 annually from any pharmaceutical or other such company. Why? Because research consistently shows that I would likely be influenced by any gift provided me. A 2017 study found that professionals who received gifts from pharmaceutical companies not only prescribe more drugs, but more costly ones, compared to those who did not receive gifts. A big difference in my case: Any company who might gift me with a meal, an education credit, a book a pen or other, is not able to track if I am actually prescribing the drug they are promoting. Continue reading “Big Pharma has hand in election”

‘Trump Fails at Lowering Drug Prices as Costs Keep Going Up’

Trump is a puppet of the pharmaceutical industry. Despite Trump’s promises to lower drug prices and stand up the pharmaceutical industry, costs continue to increase and his drug plan included proposals given to his White House behind closed doors by Novartis, a giant pharmaceutical company. It’s not wonder Big Pharma loved his plan.

Despite Trump’s promises to lower drug prices, costs keep going up and pharmaceutical companies have already made 3,653 increases this year.

Bloomberg: “Trump Fails at Lowering Drug Prices as Costs Keep Going Up”

Wall Street Journal: “So far this year, companies have made 3,653 price increases on 1,045 different drug products, according to Raymond James & Associates, even as President Donald Trump and other members of his administration have criticized such moves.” Continue reading “‘Trump Fails at Lowering Drug Prices as Costs Keep Going Up’”