Trump’s recent executive orders linking drug prices in Medicare to lower prices abroad caused a significant rift with the pharma industry executives. Executives declined to attend a White House meeting scheduled for Tuesday, July 28 on drug prices, according to media reports. Industry argues such an order will import socialist price controls into America’s healthcare system. Trump gave the industry a month to propose an alternative, but a spokeswoman for industry trade group PhRMA told Fierce Pharma the industry’s “sole focus is figuring out a way to beat COVID-19.”
PhRMA’s statement said the pharma industry is “steadfastly opposed to policies that would allow foreign governments to set prices for medicines in the United States.”
Is it much ado about nothing? One analyst predicted “little impact” and another said that “none of these ideas put forth are new or in fact any more implementable than before, especially without congressional action.” Other experts predicted it’ll take several months or longer to implement the executive orders, or for patients to see savings.
(Source: Sagonowsky E., Fierce Pharma, July 28, 2020)