Trump slams drug companies amid new year price hikes

By | January 7, 2019

President Trump called out the pharmaceutical industry for its pricing on Saturday, just days after several news reports showed companies had increased the prices of drugs with the coming of the new year.

“Drug makers and companies are not living up to their commitments on pricing,” Trump tweeted Saturday. “Not being fair to the consumer, or to our Country!”

An analysis by Rx Savings Solutions found more than three dozen drugmakers raised the prices on hundreds of medicines in the U.S. on Tuesday, for an average increase of 6.3 percent.

The Pharmaceutical Research and Manufacturers of America, a trade group known as PhRMA, called the analysis “flawed and inaccurate,” saying that it failed to take rebates and discounts into account, but also said that patients likely weren’t receiving the savings borne by other entities, including private insurers and government payers.

The latest shout-out on Twitter is one of several Trump has made against the industry since taking office. He specifically called out drugmaker Pfizer in July after it raised the list prices of more than 100 drugs. After the tweet, the company said it would temporarily freeze the planned increases.

Trump has said that lowering drug prices is one of his top priorities as president. His administration has approved a record number of less-expensive generic drugs and has put forward several proposals including obligating drug companies to cite list prices on commercials and letting Medicare negotiate prices of drugs given at a doctor’s office, such as those administered for chemotherapy.

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