DNC on Trump’s Failure to Deliver on His Promise to Lower Drug Prices
Ahead of Trump’s drug pricing announcement today, DNC spokesperson Daniel Wessel released the following statement:
“Trump promised to lower the costs of prescription drugs, but for nearly two years he did nothing. Now, as costs continue to skyrocket and voters head to the polls, Trump is making a desperate attempt to cover up the fact that he has failed to deliver on his promises.”
Trump has done nothing to lower prescription drug costs:
Drug prices have continued to increase despite Trump’s promises.
Associated Press: “AP Investigation: Drug Prices Keep Going Up Despite Trump Promise”
Associated Press: “This year through the end of July, there were 4,412 brand-name drug price increases and 46 price cuts, a ratio of 96-to-1.”
The biggest drug companies announced more than $45 billion in stock buybacks after the Trump tax, but made no plans to lower drug prices.
USA Today’s Andy Slavitt: “Five drug companies alone have announced $45 billion in stock buybacks — accounting for 21% of the largest stock buybacks announced this year.”
USA Today’s Andy Slavitt: “What about drug prices? Booker’s analysis suggests that nothing has been done. None of the 10 companies said they planned to make any pricing reduction announcements in the wake of the tax law. In fact, drug prices continue to climb.”
Trump’s plan to lower drug prices largely left drug companies unscathed.
Bloomberg: “Nowhere in the proposal does the administration call for two policies the industry most feared: having the government directly negotiate prices and allowing the importation of prescription drugs from overseas. Trump had previously backed both of those ideas, promising to use the government’s buying power to get better deals.”
Trump’s drug pricing plan could even increase out-of-pocket costs for millions of patients.
Associated Press: “About 4.5 million seniors in the group just behind those with the highest drug bills could end up spending more of their own money. That’s because the budget proposes a change in how Medicare accounts for manufacturer discounts received by patients whose total bills range between $3,750 and $8,418. They could wind up paying about $1,000 more.”
Experts and patients said Trump’s recent actions on drug pricing would not significantly benefit consumers or lower prices.
CBS News: “Families Say Disclosing Drug Prices In TV Ads Not Enough”
CNN: “Some pharmaceutical industry experts say that although eliminating the gag clause is step toward consumer transparency, it doesn’t address the issue of lowering actual drug costs, making it unclear how much of a tangible effect the legislation will have.”