Trump unveils plans to reduce drug costs abroad

The pharmaceutical industry and many conservative groups oppose the plan for most favored countries, in the way it would effectively import foreign governments’ price controls. An option proposed by the drug lobby PhRMA last month would reduce the more modest costs in Medicare Part B and Part D, often by offering a “market-based discount” on physician-administered drugs over the price and one on patient cost-sharing for pharmacy counter medicines Installs the cap. .

PhRMA president and chief executive Stephen Ubl called Trump’s order a “reckless attack” on companies working on coronovirus treatment, adding it to how foreign governments say the US provides access to treatments “and threatening American innovation” is.”

Michelle McMary-Heath, president and CEO of the Biotechnology Innovation Organization, said her business group “will use the available tools – including legal action if necessary – to fight this risky foreign price control plan.”

In July, Trump gave the pharmaceutical industry a one-month deadline to come up with an alternative plan. But the pharmaceutical companies refused to meet the president and the deadline passed.

An industry option given to the White House at the end of August could have saved the government and seniors significantly less money, but could also have been implemented before the election and in fulfilling Trump’s signature promise in his 2016 campaign Will help

But according to two lobbyists, talks between PhRMA and the White House broke down last week.

Susannah Luthy and Dan Diamond contributed to this report.

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