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Trump proposes to lower drug prices by basing them on the costs of other countries



Many nations also consider the price of a drug in other countries when they set prices for their own citizens. Pharmaceutical companies and other critics do not like such "international reference prices". If accepted here, they would import drug price controls from other countries into the American market.

Medicare generally pays 106 percent of the "average" retail price for medications that patients receive by infusion or injection in doctors' offices Medicare drug expenditures have grown rapidly – at an average rate of about 9.5 percent per year since 2009, according to The Medicare Payment Advisory Commission, an independent agency that advises Congress.

The Trump Administration said the current payment formula could provide financial incentives for some physicians and hospitals to use "the most clinically cheapest product with the highest price." 19659002] The new report acknowledged many "limitations" in the data used for its international price comparisons, saying that drug formulation, dosage and strength may vary from country to country.

The study's findings mentioned prices may not reflect exactly what is actually in the US or in the US According to the report, the discounts offered by drug manufacturers would have the effect of rebates (19659002). The Obama administration has also been worried by the rapid growth in Medicare spending on Part B medicines. In March 2016, they proposed a nationwide experiment to reduce payments for many of these drugs. But they dismissed the plan nine months later, after being criticized by pharmaceutical companies, physicians, patients, and congressmen from both parties who could jeopardize access to key medicines.

About two-thirds of Part B's expenditure is on biotechnology medicines known as biologics.

Trump's drug comparisons included the United States, Austria, Belgium, Canada, the Czech Republic, Finland, France, Germany, Greece, Ireland, Italy, Japan, Portugal, Slovakia, Spain, Sweden and the United States Kingdom.


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