Pharmaceutical companies are expressing cautious optimism about the potential for more favorable policies under the Trump administration, contrasting with the Biden era's stringent stance on the industry. Drugmakers anticipate a shift towards stricter regulations on pharmacy benefit managers (PBMs) while simultaneously promoting drug innovation and patient access to treatments. Key areas of interest include amending provisions of Biden's Inflation Reduction Act regarding Medicare drug price negotiations and enacting bipartisan reforms aimed at curbing PBM practices.
Pharmaceutical companies appear to be cautiously optimistic that brighter days are ahead under a Trump administration, following years of Joe Biden's hardline stance on the industry.
"There are several people that think for our industry, the risks outweigh the opportunities. There are other people, among them myself, which they think that the opportunities outweigh the risks. I guess we'll see,""What we do as an industry, and as Pfizer, is engage with the new administration," he later added."We have very productive engagements and we try to explain the positions, I think that are well-understood.
Trump has signaled that he will target PBMs, saying at a news conference in December,"We're going to knock out the middleman. We're going to get drug costs down at levels that nobody has ever seen before." Currently, the higher price of a covered drug leads to bigger potential rebates that PBMs can keep as profit. That incentivizes the middlemen to steer patients toward higher-priced medicines and keep cheaper generic and biosimilar drugs off of insurance formularies, or lists of covered drugs, according to Ubl.
Still, the industry will continue to fight the law in a flurry of legal challenges, which have so far been unsuccessful. Drugmakers argue that the provision will slash their profits, hinder investments in research and development for certain medications and result in unintended consequences for patients, such as fewer treatments and higher premiums.
A revision of the law would require legislative action, but Ubl said some changes could take place without Congress. For example, PhRMA does not believe all drugs with the same active ingredient should be up for price talks when they are approved under different names for different uses. But Bourla said the company can work with the administration in other areas, noting that Trump is"very much focused" on cancer. Bourla said he sees the potential to build programs that will accelerate development of cancer treatments.
PHARMACEUTICAL COMPANIES TRUMP ADMINISTRATION DRUG PRICES PHARMACY BENEFIT MANAGERS DRUG INNOVATION
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India-Based Pharma Companies Charged with Fentanyl Chemical SmugglingTwo Indian pharmaceutical companies, Raxuter Chemicals and Athos Chemicals, have been indicted for allegedly smuggling chemicals used to manufacture fentanyl into the United States and Mexico.
Read more »
Biden and Trump Meet as Biden Exits PresidencyPresident Biden met with President-elect Trump, reflecting on his presidency and decision to not seek re-election.
Read more »
‘Bad Precedent’: Donald Trump Rips Joe Biden for Pardoning Biden Family During His InaugurationSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Joe Biden and Dr. Jill Biden Take a California Retreat After Trump InaugurationFormer President Joe Biden and his wife, Dr. Jill Biden, escaped the Washington D.C. hustle by heading to the Santa Ynez Valley in California for a relaxing getaway shortly after Donald Trump's inauguration.
Read more »
Trump Aide Alleges Biden Lied About Israel-Hamas Deal, Taking Credit for Trump's WorkA Trump transition official accused President Biden of lying about his role in securing the ceasefire agreement between Israel and Hamas, claiming credit for a deal largely attributed to former President Trump. The official stated that Biden was leaving office 'sad' and attempting to mislead the nation about the agreement's origins.
Read more »
Lara Trump Hopes for Trump Administration to 'Rectify' Biden PoliciesLara Trump, former RNC co-chair and Eric Trump's wife, expressed optimism that President-elect Donald Trump's upcoming administration will reverse what she perceives as detrimental policies implemented by the Biden administration. She anticipates swift action, including executive orders focusing on border security and energy independence.
Read more »