“Room for Improvement” in Drug Pricing Policy

President’s Executive Orders help, hurt seniors

60 Plus Association Founder and Chairman Jim Martin Monday issued the following statement on President Trump’s July 24 Executive Orders on controlling the cost of prescription medicines:

“President Trump’s Executive Orders from Friday were a mixed bag for seniors. They represent a good start but there’s plenty of room for improvement. 

We commend the president’s action to ensure seniors enjoy the cost savings associated with rebates on prescription medicines. This will go a long way toward keeping their health care costs in check and providing access to the medicines they need to stay healthy.

The president’s insistence on bringing manufacturers to the bargaining table in pursuit of lower overall costs for prescription medicine is a laudable free-market approach. Our hope is that these discussions will yield the desired result and lower costs for all Americans. 

We were disappointed which the president’s action on the importation prescription medicines. American medicines are the envy of the world because of their purity, their accurate formulation and precision dosing. However, this is not assured with imported medicines whose origins may be uncertain. Drug importation is just plain dangerous to seniors whose lives depend on pure, precision medicines. 

While we appreciate the desire to lower the cost of prescription medicines available through Medicare Part B, using the International Price Index to achieve this is a terrible idea. Correlating the price of American medicines with those of other countries is little more than a step towards socialized medicine. It’s nothing more than price controls which never work, never have worked, and would rob American researchers of the resources they need to continue their world leading research and development of prescription medicines. 

We hope the president and his administration will change course on IPI and importation rules. They’re bad for America and a threat to the health and well-being of American seniors.”