President Donald Trump’s administration’s efforts to combat high drug prices could be picking up steam as major players in the pharmaceutical industry have announced price cuts and freezes on price hikes, according to Bloomberg.
Merck and Co., Inc., is the latest drugmaker to announce it would trim prices on some of its drugs. Pfizer and Novartis have also recently announced voluntary steps to work in tandem with the Trump administration’s efforts.
The U.S. Health and Human Services Department on Wednesday submitted a plan which targets the rebates drugmakers offer insurers and pharmacy benefit managers which have been largely blamed for high drug prices.
“The blueprint is very real, it’s definitely the president’s blueprint and the sweeping reforms contemplated in it are on the way,” HHS Deputy Secretary Eric Hargan told a Pharmaceutical Research and Manufacturers of America board of executives. “When this president talks about fundamental change to drug markets, he follows through.”