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    I’m always very appreciative that MarketWatch readers take the time to write. I focus on retirement issues, and one of the more common emails I get concerns soaring drug prices. The average medication went up 4.2% in January, according to an analysis by GoodRx, a medical and health care services provider — a rate three times faster than the 1.3% increase in Social Security. Some retirees are getting hit even worse. Here’s an excerpt from one email, from “RAB,” who worries that she and her husband could lose their home because they’ve fallen behind on their taxes. One reason for this: their medical bills are through the roof: “In January 2020, our medications went from $400 for a three-month supply to $2,000 for a three-month supply. Medications that can only be filled monthly went from $100 to $400. We’ve cut some medications out and cut back on others.” ...
    MIAMI (CBSMiami) – The price of prescription drugs continues to rise and a new study finds the U.S. pays more than most nations. Bonnie Arnold suffers from powerful migraine headaches. “I call them shotgun migraines because it feels like I got shot in the head,” she said. Adding to that pain is the price of the prescription she needs to take. “They told me it was going to be $600, just for that month’s supply,” Arnold said. Her story is common. The RAND Corporation analyzed prescription costs in 33 nations including the U.S. and found prices in America are 256% higher on average. “The U.S. is the only country out of all of the, all of those that we looked at where drug companies have free reign to set drug prices,” said RAND Senior Policy Researcher Andrew W. Mulcahy. Trending On CBSMiami.com President Joe Biden Offers Condolences To Families Of...
    Drug companies are ringing in the new year with another round of hikes in prescription drug prices, which continue to climb year after year, according to 46brooklyn Research, a nonprofit company that seeks to improve public access to U.S. drug pricing data.  AbbVie, Bristol Myers Squibb, GlaxoSmithKline, Pfizer and other major pharmaceutical companies are raising their prices by a median of 4.6%, according to the analysis from 46brooklyn. All told, over 500 drugs will cost more this year, the research firm's data shows. Drug prices are higher in the U.S. than in other developed countries, where governments typically negotiate with manufacturers to control costs. In a post on its website, 46brooklyn said it created the analysis to fight "the lack of transparency" in drug pricing, particularly in drugmaker Wholesale Acquisition Costs (WACs), which it sees as the root cause of the "American-made drug pricing crisis." "There have been limited instances of...
    The following article is sponsored by StopSocializedMedicine.org and authored by Sven R Larson, Ph.D. Regardless of who is sworn in as president on January 20, some things will not change. We know, for example, that government will try to extend its control over our health care system. The latest idea is price regulations on pharmaceuticals. This is an issue where Trump and Biden are very much in agreement. On September 13, President Trump issued an Executive Order to align U.S. prescription drug prices with those of other countries. American consumers should not pay more than they do in what the Executive Order described as “most favored nations.” Joe Biden, in turn, wants to “create an independent commission to oversee and regulate” prescription-drug prices. In other words, there is not much more than a mail-in ballot’s distance between Trump and Biden on this issue. On the face of it, price control rings of compassion and...
    (CNN)Canada is putting the kibosh on President Donald Trump's efforts to lower drug prices by importing medications from our northern neighbor.Canadian health minister Patty Hajdu on Friday announced new measures to protect the country's drug supply from bulk importations that could worsen drug shortages. It bars the distribution of certain drugs outside of Canada if that would cause or worsen a shortage. "Our health care system is a symbol of our national identity and we are committed to defending it," Hajdu said. "The actions we are taking today will help protect Canadians' access to the medication they rely on."Trump White House Some Republicans, including Roy Blunt, would like to see Trump at Biden's inauguration Biden administration prepares to inherit controversial Trump immigration policies Pennsylvania Supreme Court dismisses another election case brought by Republicans MAP: Full presidential election results Importing drugs from abroad, particularly Canada, is a centerpiece in...
    Photo via Ron DeSantis/TwitterA plan that policymakers hope will lower the prices for prescription drugs in Florida is now one step closer to reality; people with chronic illness, including HIV/AIDS, will be among the first to benefit. On Monday, Gov. Ron DeSantis‘ office announced that the state’s Agency for Health Care Administration (AHCA) officially submitted its Section 804 Importation Proposal (SIP) to the U.S. Department of Health and Human Services (HHS) for Florida’s Canadian Prescription Drug Importation Program. A release from the Governor’s Office notes that the first wave of imports will include “maintenance medications” to help with “chronic health conditions such as asthma, COPD, diabetes, and HIV/AIDS.” “For far too long, Floridians have been paying exorbitant prices for prescription drugs,” DeSantis asserted in a prepared statement. “Today, we take another step toward lowering those prices by submitting a proposal to the U.S. Department of Health and Human Services for a first of...
    WASHINGTON - Trying to close out major unfinished business, the Trump administration issued regulations Friday that could lower the prices Americans pay for many prescription drugs. But in a time of political uncertainty, it's hard to say whether the rules will withstand expected legal challenges from the pharmaceutical industry or whether President-elect Joe Biden's administration will accept, amend or try to roll them back entirely. "The drug companies don't like me too much. But we had to do it," President Donald Trump said in announcing the new policy at the White House. "I just hope they keep it. I hope they have the courage to keep it," he added, in an apparent reference to the incoming Biden administration, while noting the opposition from drug company lobbyists. The two finalized rules, long in the making, would: — Tie what Medicare pays for medications administered in a doctor's office to the...
    President Donald Trump announced two sweeping regulations Friday aimed at lowering prescription drug prices for Americans. One of the rules implements what is known as a “most favored nation” approach that limits what Medicare pays for medications to the lowest price paid by other economically advanced countries. The administration says it could save $28 billion for Medicare beneficiaries through lower copays. The other rule would require drug makers to push rebates and discounts directly on to Medicare patients rather than to insurers and middlemen pharmacy benefit managers. The Trump administration says the rule could potentially result in 30 percent savings for patients, although the Congressional Budget Office estimates it could ultimately cost taxpayers more. Both rules are set to take effect on January 1, although the pharmaceutical industry is expected to mount legal challenges that could delay or block the rules. The rules could also be overturned if Joe Biden...
    WASHINGTON – Trying to close out major unfinished business, the Trump administration issued regulations Friday that could lower the prices Americans pay for many prescription drugs. But in a time of political uncertainty, it’s hard to say whether the rules will withstand expected legal challenges from the pharmaceutical industry or whether the incoming Biden administration will accept, amend or try to roll them back entirely. President Donald Trump was announcing the new policy at a White House event. The two finalized rules, long in the making, would: — tie what Medicare pays for medications administered in a doctor's office to the lowest price paid among a group of other economically advanced countries. That's called the “most favored nations” approach. It is adamantly opposed by critics aligned with the pharmaceutical industry, who liken it to socialism. The administration estimates it could save $28 billion over seven years for Medicare recipients through...
    By RICARDO ALONSO-ZALDIVAR, Associated Press WASHINGTON (AP) — Trying to close out major unfinished business, the Trump administration issued regulations Friday that could lower the prices Americans pay for many prescription drugs. But in a time of political uncertainty, it’s hard to say whether the rules will withstand expected legal challenges from the pharmaceutical industry or whether the incoming Biden administration will accept, amend or try to roll them back entirely. President Donald Trump was announcing the new policy at a White House event. The two finalized rules, long in the making, would: — tie what Medicare pays for medications administered in a doctor's office to the lowest price paid among a group of other economically advanced countries. That's called the “most favored nations” approach. It is adamantly opposed by critics aligned with the pharmaceutical industry, who liken it to socialism. The administration estimates it could save $28 billion over...
    President Donald Trump delivers remarks on delivering lower prescription drug prices for all Americans. The event is scheduled to begin at 1:30 but a delay is possible. Copyright 2020 by KSAT - All rights reserved.
     President Donald Trump is set to hold a press conference on Friday about lowering drug prices. It is the second time that Trump will speak publicly since his election defeat. He has not spoken about the election since Nov. 5, when the race had not yet been called. According to the White House, Trump will discuss lowering prescription drug prices “for all Americans,” at 2:30 p.m. ET. Earlier on Friday, White House Press Secretary Kayleigh McEnany held her first press briefing since early October, during which she declined to comment on Tucker Carlson’s criticism of the Trump campaign’s election lawsuits, was asked when Trump would concede the election to Joe Biden, called CNN White House correspondent Kaitlan Collins an “activist,” and was heckled by Playboy White House correspondent Brian Karem who screamed, “When are you gonna admit you lost?” Watch live above via the White House. Have a tip we...
    President Trump is delivering remarks on lowering prescription drug prices, marking the fourth time he appeared in public since Election Day. He has not yet conceded, and his legal team and Republicans have been challenging the election results with last-ditch lawsuits in a few battleground states that seek to invalidate absentee ballots and delay certification. Most of these lawsuits have been denied. The president spoke to the press last Friday about the status of the development of a coronavirus vaccine and said that the vaccine could be widely available as soon as April. Pfizer said Friday that it is asking U.S. regulators to allow emergency use of its COVID-19 vaccine, days after Pfizer Inc. and its German partner BioNTech announced that its vaccine appears 95% effective at preventing mild to severe COVID-19 disease in a large, ongoing study.How to watch President Trump's remarks on lowering prescription drug prices What: President Trump delivers...
    Mark Kreidler October 31, 2020 1:29PM (UTC) This article originally appeared on Capital & Main. As the days to Nov. 3 dwindle down, the president of the United States has been hand selecting his points of emphasis for rallies and Twitter posts. Often, those choices go against the wishes of his own advisers. Veering away from core issues, Donald Trump has repeatedly invoked Hunter Biden's name, doubled down on unsupported allegations of mail-in ballot vote fraud, suggested he'll leave the country if he loses the election and repeated debunked claims that masks are not effective in preventing COVID-19. At most stops, however, Trump has at least attempted to broach one topic that pollsters have repeatedly found to be resonant with voters: the high cost of prescription drugs. And time and again, Trump has not only promised to cut them – "Drug prices will be coming down 80 or 90 percent," he said during the first presidential...
    WASHINGTON (AP) — If you’re on Medicare, don’t run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. Government officials said Friday that key details of Trump’s election-year giveaway still have to be fleshed out, including the exact timing and how Medicare’s cost would be covered — a sum that could approach $7 billion. It’s also unclear which Medicare enrollees will get the promised cards. Trump said 33 million beneficiaries would receive cards in the mail, but more than 60 million people are covered by the federal health insurance program for seniors. Trade groups representing the two industries most affected by the plan — drug companies and insurers — said they have received no specifics from the Trump administration. Public policy experts called it an attention-grabbing move — weeks before the presidential election — that won’t change much in the end. “Providing a...
    By RICARDO ALONSO-ZALDIVAR, Associated Press WASHINGTON (AP) — If you’re on Medicare, don’t run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. Government officials said Friday that key details of Trump's election-year giveaway still have to be fleshed out, including the exact timing and how Medicare's cost would be covered — a sum that could approach $7 billion. It's also unclear which Medicare enrollees will get the promised cards. Trump said 33 million beneficiaries would receive cards in the mail, but more than 60 million people are covered by the federal health insurance program for seniors. Trade groups representing the two industries most affected by the plan — drug companies and insurers — said they have received no specifics from the Trump administration. Public policy experts called it an attention-grabbing move — weeks before the presidential election — that won't change much in...
    WASHINGTON – If you’re on Medicare, don’t run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. Government officials said Friday that key details of Trump's election-year giveaway still have to be fleshed out, including the exact timing and how Medicare's cost would be covered — a sum that could approach $7 billion. It's also unclear which Medicare enrollees will get the promised cards. Trump said 33 million beneficiaries would receive cards in the mail, but more than 60 million people are covered by the federal health insurance program for seniors. Trade groups representing the two industries most affected by the plan — drug companies and insurers — said they have received no specifics from the Trump administration. Public policy experts called it an attention-grabbing move — weeks before the presidential election — that won't change much in the end. “Providing a coupon...
    This article is reprinted by permission from NextAvenue.org. What’s in store for older Americans from the 2020 presidential election? For answers, the American Society on Aging (ASA) just hosted its Panel of Pundits — an annual event that’s been running for almost 20 years. I moderated. Normally, the panel is held at ASA’s annual Aging in America conference to a standing-room crowd. This year, of course, it was a webinar; nearly 200 people watched. The five panelists brought a range of political perspectives and decades of experience in the aging and political worlds: Peter Kaldes, president and CEO of ASA and a former Obama economic adviser Richard Browdie of Browdie Consulting, formerly president and CEO of Benjamin Rose Institute on Aging and Pennsylvania’s Secretary of Aging Joel White, founder and president of Horizon Government Affairs and former Republican staff director of the House Ways and Means Health...
    The steps the administration has taken have been less ambitious than those in a bill the House passed last year. Donald Trump exaggerated his administration's efforts to lower prescription drug prices this week. A look at one of his claims in the 2020 campaign Wednesday and how it stacks up with the facts: HEALTH CARE Loading...
    Top pharmaceutical executives snubbed President Donald Trump and refused to attend a meeting at the White House on Tuesday to discuss prices for prescription drugs. The sit-down was to discuss an executive order Trump signed last week on drug prices - an order that has yet to be released - but would require Big Pharma to match the lowest drug prices offered in other countries. But the executives canceled because they refused to send any representatives to meet with the president, Politico reported.  Trump's public schedule has no meetings on it for Tuesday but not all the president's activities are listed on that document. Top pharmaceutical executives refused to attend a White House meeting with President Trump The executive order would require health companies to follow a provision on drug pricing known as the most-favored-nations rule. The rule requires Medicare to tie the prices it pays for drugs to those...
    U.S. President Donald Trump signs executive orders on prescription drug prices in the South Court Auditorium at the White House on July 24, 2020 in Washington, DC. President Trump signed a series of four executive orders aimed at lowering prices that for prescription drugs in the United States. (Photo by Drew Angerer/Getty Images) Prescription drug prices are set to fall following four executive orders signed by President Donald Trump on Friday, according to the White House. It is promising news as families continue to struggle financially amid the coronavirus pandemic. President Trump had previously shared proposals for the orders, but the newer plans are more concrete. READ MORE: T.I. says drug problem started with prescriptions The first order that the president signed “directs federally qualified health centers to pass along massive discounts on insulin and epinephrine received from drug companies to certain low-income Americans,” according to the White House...
    Unable to land the big deal with Congress to curb drug costs, President Donald Trump on Friday moved on his own to allow imports of cheaper medicines, along with other limited steps that could have some election-year appeal. At a White House ceremony, Trump signed four executive orders. One was about importation. The others would direct drugmaker rebates straight to patients, provide insulin and EpiPens at steep discounts to low-income people, and use lower international prices to pay for some Medicare drugs. Trump cast his directives as far-reaching, but they mostly update earlier administration ideas that have not yet gone into effect. 'I'm unrigging the system that is many decades old,' he declared, promising 'massive' savings. President Donald J. Trump signs an executive order on lowering drug prices during a ceremony in the Eisenhower Executive Office Building in Washington, DC on Friday Trump cast his directives as far-reaching,...
    President Trump took a victory lap after signing four executive orders aimed at reducing the cost of prescription drugs. “Yesterday I signed four measures that will massively reduce the prices of prescription drugs, in many cases by more than 50%. Nothing like this has ever been done before because Big Pharma, with its vast power, would not let it happen,” Trump said in a tweet Saturday. “Expensive Insulin went from big dollars to virtual pennies. Epi-pens went from their incredibly high, jacked up prices, to lower than their original give away bargains,” he continued. “Biggest price reductions in history, by far! Nothing like this has ever for our citizens, especially our Seniors. REMEMBER YOUR FAVORITE PRESIDENT!” Most notable among the provisions is a new requirement prohibiting drug companies from charging Medicare more than what they charge other nations for the same drugs. A slew of big pharma execs are...
    President Donald Trump has signed four executive orders aimed at cutting prescription drug prices in the US. "The four orders I'm signing today will completely restructure the prescription drug market," said Mr Trump, who has long criticised "astronomical" prices. The measures would allow discounts and import of cheaper drugs from abroad. Mr Trump will meet pharmaceutical bosses on Tuesday, but some industry analysts have criticised the move, saying it would not have much effect. "This administration has decided to pursue a radical and dangerous policy to set prices based on rates paid in countries that he [President Trump] has labelled as socialist, which will harm patients today and into the future," Pharmaceutical Research and Manufacturers of America said in a statement. It said Mr Trump's move was "a reckless distraction that impedes our ability to respond to the current [coronavirus] pandemic - and those we could face in the...
    WASHINGTON - U.S. President Donald Trump on Friday signed four executive orders aimed at lowering the prices Americans pay for prescription drugs, as he faces an uphill reelection battle and criticism over his handling of the coronavirus pandemic.  Trump has previously proposed most of the changes made by the executive orders he signed Friday, but this was the first time they had made it into signed executive orders.  One order would allow for the legal importation of cheaper prescription drugs from countries like Canada, while another would require discounts from drug companies now captured by middlemen to be passed on to patients, Trump said.  Another measure seeks to lower insulin costs, while a fourth, which may not be implemented if talks with drug companies are successful, would require Medicare to purchase drugs at the same price that other countries pay, Trump said.  Executives of top drug companies have requested...
    Reuters July 24, 2020 0 Comments U.S. President Donald Trump on Friday signed four executive orders aiming at lowering prices that Americans pay for prescription drugs as he faces an uphill re-election battle and criticism over his handling of the coronavirus pandemic. One order would allow for the legal importation of cheaper prescription drugs from countries like Canada, while another would require discounts from drug companies now captured by middlemen to be passed on to patients, Trump said. Another measure seeks to lower insulin costs while a fourth, which might not need to be implemented if talks with drug companies are successful, would require Medicare to purchase drugs at the same price that other countries pay, Trump said. Executives of top drug companies have requested a meeting to discuss how they can lower drug prices, the president added. “We are putting patients over lobbyists, senior citizens before special interests, and we’re putting America first,” Trump said before signing...
    WASHINGTON (Reuters) - U.S. President Donald Trump announced on Friday he was signing four executive orders aiming at lowering prices that Americans pay for prescription drugs as he faces an uphill re-election battle and criticism over his handling of the coronavirus pandemic. One order would allow for the legal importation of cheaper prescription drugs from countries like Canada, while another would require discounts from drug companies now captured by middlemen to be passed on to patients, Trump said. Another measure seeks to lower insulin costs while a fourth, which might not be needed if talks with drug companies are successful, would require Medicare to purchase drugs at the same price that other countries pay, Trump said. Executives of top drug companies have requested a meeting to discuss how they can lower drug prices, the president added. Trump, under fire for surging coronavirus cases in the United States and beset by...
    Back in December, a bipartisan majority in the House of Representatives passed H.R. 3, the Elijah E. Cummings Lower Drug Costs Now Act. A key provision of that bill would allow the administration to negotiate the price of prescription drugs for Medicare, savings from which would be passed along to individuals with private insurance. Another provision would require drug manufacturers to either lower costs or pay a rebate to the government if the price of certain medications covered under Medicare rose faster than inflation. In addition to the House bill, a bipartisan majority of the Senate Finance Committee passed the Prescription Drug Pricing Reduction Act in July 2019. While not as far-reaching as H.R. 3, the Senate bill is "a significant piece of legislation" that would "put a price increase cap on prescription drugs," David Mitchell, founder of Patients for Affordable Drugs, an advocacy organization, said in a Wednesday phone...
    WASHINGTON (Reuters) - U.S. President Donald Trump will sign three executive orders on lowering prescription drug prices, White House Chief of Staff Mark Meadows said on Thursday. "This president is going to do three different executive orders that will substantially make sure that the average American gets to pay less for their prescription drugs," Meadows said in an interview on Fox Business Network. Meadows did not give details and did not say when the executive orders would be signed. (Reporting by Eric Beech; Editing by Mohammad Zargham) Copyright 2020 Thomson Reuters.
    President Donald Trump will soon sign a number of executive orders on China, manufacturing, immigration, prescription drug prices and more, White House chief of staff Mark Meadows stated Monday morning. Meadows, in his first televised interview since joining the Trump administration in the spring, claimed that “this president will do more in the next four weeks than Joe Biden and his team did in the last 40 years, so you just need to stay tuned.” (RELATED: Trump’s Monument Executive Order Puts Federal Grants On The Chopping Block For Local Governments That Don’t Comply) The former North Carolina congressman added that Trump will sign the orders “starting this week,” when “Congress doesn’t act.” WATCH: “I’ll give you a couple of hints,” Meadows continued, “A sneak preview here. We’re going to be looking at how we make sure that China is addressed, how we bring manufacturing back from overseas to make sure...
    A federal appeals court ruled against the Trump administration on Wednesday, finding that it does not have the legal authority to mandate that drug manufacturers display the cost of their medicines in television advertisements. The Associated Press reported that the U.S. Court of Appeals for the District of Columbia Circuit ruled unanimously against the administration, finding that the Department of Health and Human Services' rules was unlawful in its scope. The rule, Judge Patricia Millett wrote in her opinion is “a sweeping disclosure requirement that is largely untethered to the actual administration of the Medicare or Medicaid programs." “Because there is no reasoned statutory basis for its far-flung reach and misaligned obligations, the disclosure rule is invalid and is hereby set aside,” she continued. The court's ruling is a blow to the White House's efforts to drive down prescription drug prices, a key issue cited by Americans in an election year. White...
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