President Donald Trump has touted his new United States-Mexico-Canada Agreement as a way to boost the American economy. It may not, however, have any impact on one of his other campaign promises: reducing prescription costs for U.S. consumers, says a drug pricing expert at Washington University in St. Louis.
President Donald Trump, in a long-awaited speech May 11, took aim at reducing drug prices in America. But there was little in the speech or the administration’s plan that takes direct aim at industry, says an expert on drug policy at Washington University in St. Louis.
During his first year in office, President Donald Trump spoke about high drug prices but took little action to address the problem. His budget proposal, released this week, does lay out a strategy — though what is most notable is not what’s included, but rather what is missing. Rachel Sachs, an expert on drug pricing and policy at Washington University in St. Louis, weighs in.
Despite announcing in his first press conference that he would deal with a pharmaceutical industry “getting away with murder,” President-elect Donald Trump doesn’t seem to have a clear path for how he will reduce drug prices, said Rachel Sachs, associate professor of law and expert on drug regulation and health law.
The pharmaceutical industry could be wasting more than $50 billion a year in manufacturing costs alone, costs that could translate in to lower prices or greater research and development – according to findings of the largest empirical study ever performed of pharmaceutical manufacturing and the Food and Drug Administration monitoring policies. More…