In May, the Trump administration published an executive order requiring drug companies to bring prices in line with those paid by other developed nations, otherwise known as Most Favored Nation (MFN) pricing. Although the June 11 deadline has come and gone, no details have been released as to whether drug companies have opted to negotiate or if the government will implement any enforcement action.
Search results for: drug prices
What’s in the New Biden Plan to Reduce U.S. Drug Prices?
WASHINGTON (Reuters)—U.S. President Joe Biden and his fellow Democrats promised voters sweeping drug price reform in their signature social spending bill but agreed to move ahead with a far less ambitious proposal after facing opposition in Congress. The plan could still fail as hurdles remain to approving the broader spending package, known as “Build Back…
Novartis, Merck & Allergan Join Those Raising U.S. Drug Prices for 2020
NEW YORK (Reuters)—Novartis AG, Merck & Co Inc. and Allergan Plc. were among companies that raised U.S. prices on more than 100 prescription medicines on Jan. 4, bringing the tally to 445 drugs that will cost more in 2020, according to data analyzed by healthcare research firm 3 Axis Advisors. That is above the average…
White House Preparing Order that Would Cut Drug Prices for Medicare
(Reuters)—U.S. President Donald Trump is considering a sweeping executive order that would cut prices on virtually all branded prescription drugs sold to Medicare and other government programs, according to two industry sources who had discussions with the White House. The order under discussion would be much broader than the Administration’s previously disclosed proposal to lower…
White House Scraps Proposal to Lower U.S. Drug Prices
(Reuters)—The Trump administration on Thursday scrapped one of its most ambitious proposals for lowering prescription medicine prices, backing down from a policy that would have required health insurers to pass on billions of dollars in rebates they receive from drugmakers to Medicare patients. The decision represents a new setback to President Donald Trump’s efforts to…
Sen. Sanders, Rep. Cummings to Introduce Bill to Lower U.S. Drug Prices
WASHINGTON (Reuters)—U.S. Senator Bernie Sanders and Representative Elijah Cummings plan to introduce legislation on Thursday aimed at lowering the cost of prescription drugs for U.S. consumers. Democrats have been critical of efforts by the Trump administration to bring down drug prices after President Donald Trump promised to do so during his campaign and since being…
Pfizer Plans to Increase U.S. Drug Prices in January
NEW YORK (Reuters)—Pfizer Inc. said on Friday that it plans to hike U.S. prices on 41 of its medicines in January, after walking back its previous price increases this summer under pressure from President Donald Trump. The company said in a statement that the increases would be on around 10% of its drugs. Pfizer said…
Trump Seeks to Base Medicare Drug Prices on Lower Overseas Rates
WASHINGTON (Reuters)—U.S. President Donald Trump said on Thursday his administration is seeking to lower prescription drug prices by determining the price the government’s Medicare program pays for some medications based on the lower prices paid in other countries. Trump said the move takes aim at what he characterized as “global freeloading” on prescription drugs. “The…
CVS Rolls Out New Tool to Combat Rising Drug Prices
(Reuters)—Drugstore chain CVS Health Corp on Wednesday launched a new tool that will allow pharmacies help customers tackle the soaring cost of drugs by comparing prices of medicines. U.S. healthcare companies, ranging from insurers to drug retailers, are stepping up efforts to combat rising drug prices that has been widely criticized by regulators and has…
AmerisourceBergen Expects Tumbling Generic Drug Prices to Settle
(Reuters)—AmerisourceBergen Corp said it expects stubbornly low generic drug prices, which have plagued drugmakers and wholesalers, to not deteriorate further next year, and brushed off concerns about Amazon’s possible entry into the industry. The drug distributor ended its fiscal year with a quarterly loss as it set aside $575 million for legal costs for a…
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