President Donald Trump remains committed to lowering the price of pharmaceutical drugs for American consumers. He has unveiled a plan to create a competitive marketplace to reduce costs while striking back against foreign freeloaders as well.
Trump has ordered his Department of Health and Human Services to reform regulatory and patent processes, facilitate biosimilars and generics to drive prices down, create a more streamlined process for the approval of over-the-counter drugs, expand outcome-based payments for Medicare and Medicaid, ban certain “gag rules” stopping pharmacists from telling consumers about cheaper drugs, facilitate transparent information to create informed consumers, and other measures to fix the broken system.
“One of my greatest priorities is to reduce the price of prescription drugs,” Trump said.
To fulfill his rhetoric, Trump has proposed reforms to the bloated Medicare Part D program. He wants more flexibility in benefit design to allow improved price negotiations, free generic medications given to low-income senior citizens, plans required to share a small amount of drug rebates with patients, and seniors protected with a new out-of-pocket maximum cost while incentivizing plans to reduce excessive costs.
Trump is well on his way to reforming the broken system. In 2017, the FDA’s approval of generic drugs saved $8.8 billion as multiple approval records were set. The FDA also started new initiatives to inform doctors about biosimilars and provide guidance to help doctors and patients navigate the generics approval process.
The full plan released by the President and HHS is called: “American Patients First: The Trump Administration Blueprint to Lower Drug Costs and Reduce Out-of-Pocket Costs.” The report can be seen in its entirety at this link.