I’m suspicious of things like this. Nothing is free. This is the kind of scheme liberals pursue. Sure, you can make drug prices cheap, but people are going to raise prices elsewhere. They’ll make their money. Or they’ll cut research on new drugs, which nobody wants them to do.
One big problem is that our “partners” overseas, with their socialized medicine, get to sell drugs cheaply, while we, the country that developed them, pay exorbitant prices. The best way to lower drug prices here is to negotiate trade deals with other countries that force them to pay drugmakers more for their products. Then the market will cause them to lower prices here.
These kinds of fiats that President Trump is promulgating do not work out well. But I guess Trump wants something for his reelection campaign. And he’s surrounded by Democrats, like his son-in-law and his Treasury Secretary.
According to the Washington Examiner:
President Trump signed four executive orders on Friday that aim to lower prescription drug prices, seeking to add to his healthcare reform credentials amid sagging approval ratings.
“They represent the most far-reaching prescription drug reforms ever issued by a president, nothing even close,” Trump said in a press briefing on Friday.
The orders would have to be translated into official rules by agencies and are not likely to be in place before the election. Still, Trump portrayed the signing as a blow for seniors against pharmaceutical companies and foreign freeloaders.
The first of four orders will mandate discounts on insulin for hospitals be passed down to patients.
“These providers should not be receiving discounts for themselves while charging their poorest patients massive, full prices. Under this order, the price of insulin for affected patients will come down to just pennies a day from numbers that you weren’t even able to think about. It’s a massive cost savings,” Trump said.
Trump will also allow cheaper versions of the same prescription drugs to be imported from Canada, a proposal that drug companies have rebuked.