Trump Has Done Nothing To Lower Drug Costs That Continue To Rise
July 24, 2020
Trump will sign executive orders today and continue to claim he will massively lower drug prices, but he has made this promise many times before and yet drug prices continue to skyrocket.
Trump has done next to nothing to bring down drug costs.
Axios: “The administration has done very little on drug prices, and is urging the courts to throw out protections for pre-existing conditions.”
Trump abandoned many of his core proposals for lowering drug prices.
New York Times: “But he dropped the popular and populist proposals of his presidential campaign, opting not to have the federal government directly negotiate lower drug prices for Medicare.”
New York Times: “The Trump administration has abandoned a centerpiece of its efforts to address high drug prices, backing away from requiring some discounts to be passed directly to consumers under Medicare that could have lowered their out-of-pocket costs.”
Trump repeatedly promised massive drug price drops that never happened.
FEBRUARY 2020: Trump said he would get something “done quickly” to bring down drug prices.
OCTOBER 2019: Trump said he would achieve “really, really big reductions” in drug costs.
AUGUST 2018: Trump promised to deliver a plan within a week that would bring drug prices down “really, really substantially.”
MAY 2018: Trump promised that “in two weeks” prescription drug companies would “announce voluntary massive drops in prices” that never materialized.
MARCH 2018: Trump promised a plan to lower drug prices, but was months late in delivering an ultimately underwhelming blueprint.
Despite his promises, drug prices continued to rise, and hundreds have spiked during the pandemic—including for treating respiratory illnesses.
Associated Press: “He’s exaggerating his influence on drug prices, which haven’t fallen for brand-name drugs, the area that worries consumers the most. Most of the Trump administration’s ‘ambitious campaign’ to reduce drug prices has yet to be completed.”
PolitiFact: “The latest numbers for that index show drug prices rising by about 3.9% in December 2019.”
Axios: “Pharmaceutical companies raised the price of 245 drugs between January 20 and June 20, according to a new analysis by Patients for Affordable Drugs. Between the lines: Some of these drugs are directly related to the pandemic. And the hikes occurred against the backdrop of economic calamity hitting many American families. The average price increase was 23.8%.”
Politico: “Pharmaceutical companies logged more than 800 price increases this year, and adjusted the cost of 42 medicines upward by an average of 3.3 percent so far in July, according to GoodRx, which tracks the prices consumers pay at pharmacies.”