Trump Calls Out Drug Companies – Tackling Their OVERPRICED Medicines [VIDEO]
During a press conference on Wednesday, President-elect Donald Trump made some comments against the pharmaceutical companies, stating that they charge the government an exorbitant amount of money for medicines which amounts to them “getting away with murder” and vowed to change that.
According to Reuters, that sentiment isn’t far off:
Trump’s campaign platform included allowing the Medicare healthcare program to negotiate with pharmaceutical companies, which the law currently prohibits. He has also discussed making it easier to import drugs at cheaper prices.
“We are going to start bidding. We are going to save billions of dollars over time,” Trump said.
Medicare, which covers more than 55 million elderly or disabled Americans, spent $325 billion on medicines in 2015.
Industry trade group Pharmaceutical Research and Manufacturers of America, or PhRMA President Stephen Ubl said “Medicines are purchased in a competitive marketplace where large, sophisticated purchasers aggressively negotiate lower prices.”
He said the industry is “committed to working with President-elect Trump and Congress to improve American competitiveness and protect American jobs.”
Trump said he plans to repeal the Affordable Care Act, or Obamacare, and replace it at about the same time. The news helped shares of hospitals, which are nervous about losing government payments for medical services. It hurt some health insurers, like Anthem Inc. (ANTM.N), which sell plans on the government-run health insurance exchanges.
Medical costs are a heavy burden for many Americans and so this incoming President has taken it upon himself to propose a plan to handle the situation — at least in regard to pharmaceuticals. But is that duty of the President? To intercede in private business? I thought getting out of the way of businesses and healthy competition would drive down prices?
Trump’s projected actions were not detailed in the press conference, but it falls right in line with his promise on the campaign trail to put America first and also to make America great again, which is what a large portion of his voters voted for.
In just a few short days, we will finally see what Trump can really do and if he’ll hold true to the big promises he made on the campaign trail and continues to make.