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Drugmakers deliver counteroffer to Trump international pricing plan
Related DU thread in LBN: Trump deadline for drug pricing order passes with no action
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Source: Politico
Drugmakers deliver counteroffer to Trump international pricing plan
Drugmakers pitched a counteroffer to the White House aimed at stalling Trump's plan to link Medicare’s spending on some expensive drugs to much lower prices.
By SARAH OWERMOHLE and SUSANNAH LUTHI
08/25/2020 05:54 PM EDT
Drugmakers pitched a counteroffer to the White House aimed at stalling President Donald Trump's plan to link Medicare’s spending on some expensive drugs to much lower prices they're sold for abroad, according to an internal memo circulated to industry lobbyists Monday.
The proposal would save Medicare considerably less money than the administration's original international pricing index plan. But it could give Trump evidence he's making good on his 2016 campaign pledge to lower prescription drug prices before the election.
The drug industry memo comes days after Trump’s publicly announced deadline for the industry to provide an alternative to his so-called most favored nations rule. Pharmaceutical executives have downplayed any interest in negotiating with the president during their recent company earnings calls.
Four industry sources confirmed that industry shared the proposal with the White House. The board of PhRMA, the brand-name drug industry's big Washington lobby, approved the proposal Sunday and it was transmitted to the White House shortly thereafter, said one lobbyist. The plan was for the president to be briefed directly on the counteroffer, but it is not clear that he has yet.
PhRMA and the White House did not respond to requests for comment.
-snip-
Drugmakers pitched a counteroffer to the White House aimed at stalling Trump's plan to link Medicare’s spending on some expensive drugs to much lower prices.
By SARAH OWERMOHLE and SUSANNAH LUTHI
08/25/2020 05:54 PM EDT
Drugmakers pitched a counteroffer to the White House aimed at stalling President Donald Trump's plan to link Medicare’s spending on some expensive drugs to much lower prices they're sold for abroad, according to an internal memo circulated to industry lobbyists Monday.
The proposal would save Medicare considerably less money than the administration's original international pricing index plan. But it could give Trump evidence he's making good on his 2016 campaign pledge to lower prescription drug prices before the election.
The drug industry memo comes days after Trump’s publicly announced deadline for the industry to provide an alternative to his so-called most favored nations rule. Pharmaceutical executives have downplayed any interest in negotiating with the president during their recent company earnings calls.
Four industry sources confirmed that industry shared the proposal with the White House. The board of PhRMA, the brand-name drug industry's big Washington lobby, approved the proposal Sunday and it was transmitted to the White House shortly thereafter, said one lobbyist. The plan was for the president to be briefed directly on the counteroffer, but it is not clear that he has yet.
PhRMA and the White House did not respond to requests for comment.
-snip-
Read more: https://www.politico.com/news/2020/08/25/trump-drug-pricing-pharma-401775
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