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Business Initiative for Health Policy (BIHP): Trump’s Drug Pricing Plan a Dud

Friday, May 11

May 11th, 2018
Contact: Dylan Dusseault

Business Initiative for Health Policy (BIHP): Trump’s Drug Pricing Plan a Dud

Washington DC- President Trump took to the airwaves this afternoon to announce what he claims is a plan to fight the rising costs of drugs in the US. Americans pay twice as much as patients in other industrialized countries for life-saving drugs. Our patent system allows for pharmaceutical companies to “pay for delay” and keep generics off the market, Medicare is unable to negotiate drug prices, and a shady network of Pharmacy Benefit Managers (PBMs), insurance companies, and drug manufacturers are lining their pockets at the expense of our health, even while tax dollars fund much of the fundamental research their products are based on.
Instead of taking steps to address any of this, the President announced a weak list of executive actions that will do little to help people on Medicare and Medicaid, and do nothing to lower prices for those with private insurance.

“The President’s so-called solution takes a simple matter and makes it complicated”. Says Dr. Ed Weisbart, former Chief Medical Officer of the PBM ExpressScripts and BIHP Board Member “A patchwork of private corporations like insurance companies and PBMs do not have the same power or incentive to negotiate on behalf of the American people as Medicare. If we simply gave all Americans- wealthy, poor, young, and old- Medicare, we could see actual savings instead of policies benefitting exploitative drug and device manufacturers.”

“Where is Trump’s populism when it would actually bring the country together?” asks Gabriel Levitt, the Founder of Prescription Justice and BIHP Board Member “92% of Republicans, 92% of Independents, and 96% of Democrats support ending the egregious ban on Medicare drug price negotiations. It’s the one policy on which Americans are fully united. Relying on PBMs to negotiate has already failed. Tweaking that system is a cop out.”

For follow up, or to schedule an interview, please contact Dylan Dusseault at Dylan@businessinitiative.org or by calling 727-743-7809.

About the Business Initiative for Health Policy
Business Initiative for Health Policy (BIHP) is a public education and advocacy campaign led and advised by CEO’s, other business leaders, economists, former health industry insiders, and health policy experts. The goal of the Business Initiative is to advance health policy solutions that 1) ensure the on-going competitiveness of American business, 2) enhance economic growth and 3) provide full coverage for American citizens. Members of the Business Initiative for Health Policy believe that a healthy citizenry is a prerequisite to a stable and prosperous nation, and that the current structure of the health insurance industry is damaging American businesses and the economy.