President Trump attempted to reshape the biotech industry in America in two main purposes. He wants a lot of drugs to do in the United States. And he wants to make sure American patients get the lowest price in the world.
Those intelligent, common intentions that are difficult to achieve. A strategy is to cool the US drug price at the lowest price charged for the same drug in other developed countries.
Before using foreign price controls, the administration should first lower medication costs by eliminating the government’s maintenance and government retreat control of government prices at government prices.
The difficult fact is that we have a host to dictate governmental price control programs that do not work well, with major corporations by rigging federal rules in their advantage.
The first strategy is to cut fat from the US drug price system by “bypassing middlemenmen” – a suggestion made in the White House. These middlemen, especially large hospitals, intentionally inflate in patient costs.
The hospitals abused the Federal 340B Program to buy drugs with mandatory discounts and then sell them with easy patients in large scores – 1,000% or more. A comparison of 340B hospital prices shown the marks can exceed prescription prices at the international price of 700%.
Second, 92% of Americans have a health scope where a government company or insurance determines what patients pay no drugs. Consumer consumer with insurers are well documented, part of non-transparent prices, and patients pay for drugs marked, pre-negotiation. An increasing transparent industry and pass-thy pharmacy beneficial managers provide patients access to prices and negotiations with pharmacy discounts. If patients in this program fill a prescription at a pharmacy, they know the cost, and the abuse of pharmacy in negotiating prices for medicine. The administration must create incentives for Pro-Consumer models and all insurers need to reveal prices and hidden discounts to consumption of consumers in clear consumers.
The second focus for US leaders should encourage investment in American Biotech Research and Multisure to encourage competition. Competition lowers price; This is Economics 101.
Finally, reducing the costs of input progress to new drugs will lower medication prices. The administration and pharmaceutical industry shows an interest in adding artificial intelligence to develop new treatments.
Everyone said, these changes can reduce patients’ prices paying 60% to 80%, which we have taken to other countries without limited access to other countries in other countries.
With intelligent, intended reforms, we can facilitate our position as biopharmaceutical biopharmace leader while making medications are cheaper for home patients.
Joel White is the Council president for the principle of health coverage
