This is Viewpoints Explained…
President Donald Trump recently unveiled a new plan with pharmaceutical giant, Pfizer that aims to bring down prescription drug costs starting next year. Currently, Americans pay by far the most for prescription medicines – often nearly three times more than other developed nations, according to the rand corporation – a nonprofit research and consulting firm. For example, a vial of insulin that might cost around 30 dollars in Canada can set you back almost 300 dollars in the U.S.
The new plan, called Trump RX, announced that Pfizer will sell its medicines directly to consumers on the website, TrumpRX.gov. The press release on the new initiative estimates that prices for these drugs will be about 50 percent lower, however there aren’t any specific details outlining how exactly this will happen.
So, is this the fix millions have been waiting for? Well, not so fast. Most Americans don’t actually pay the sticker price for brand-name prescriptions. Insurance companies usually negotiate lower rates or cover a big chunk of the cost. That means, in some cases, the so-called discount price through trump r-x could still be higher than the current cost. Another catch: the deal only applies to medicaid programs and a short list of drugs on TrumpRX.gov. For now, it doesn’t extend to medicare or most private insurance plans.
The question is whether more drug makers will follow Pfizer’s lead and expand the programs reach, or if this recent briefing will end up being more symbolic than systemic. Only time will tell if these promised discounts turn into real relief for so many who are struggling to afford the steep cost of treatment.
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