In recent decades, the prices for prescription drugs have continued to rise through the roof. Many place blame on the free market, believing that pharmaceutical companies are able to take advantage of citizens by pricing these drugs in ways that benefit the companies and not at all the people.
Tom Sackville, chief executive of the International Federation of Health Plans, stated, “You’re paying higher prices for exactly the same unit of care… It suggests that the market just is not working.”
This is a figure provided by the Organization for Economic Cooperation and Development in 2015. As you’ll see, the United States has an average of $9,086 of total healthcare spending annually per person. Much of this is due to the inflated prices of prescription drugs.
While Donald Trump has largely given progressive-minded people a headache this year, there is at least one issue where his statements diverge from his Republican allies: big pharmaceutical companies and their pricing.
On the campaign trail, Trump stated that he wants Medicare to directly negotiate the prices it pays for prescription drugs.
He endorses price transparency for the entire health care system. He also supports allowing drugs to be imported from other countries. All of these policies are opposed by fellow conservatives. He didn’t state these policies often, but when he did it helped him to gain the support of working, middle class people.
It is worth noting that Trump has picked Rep. Tom Price for Secretary of Health and Human Services, a decision that boldly contradicts these statements. Price stated in 2007 that allowing Medicare to directly negotiate drug prices would be “a solution looking for a problem.” This is actually one of Price’s less controversial stances when considering that he is anti-abortion, wants to limit research for diseases such as cancer, and wants to limit doctors’ vulnerability to malpractice lawsuits.
It is also possible that Trump may be swayed by the likes of House Speaker Paul Ryan or Senate Majority Leader Mitch McConnell. Trump has formed a seemingly strong alliance with Paul Ryan since having shaky relations during the election season but he has not given any implication that he might flip flop here and reconsider this the way Ryan or McConnell would like.
As recently as Dec. 7th, in an interview with TIME Magazine, Trump stated, “I’m going to bring down drug prices. I don’t like what’s happened with drug prices.” If he is able to come through with this, it would be a big victory for the people and a “yuge” stand against the pharmaceutical industry.
