President Trump says he will seek to bring down the price of prescription drugs under a plan he unveiled on Monday.
The president made the announcement during a White House ceremony to mark the 25th anniversary of Medicare Prescription Drug Benefits, which he said were “the crown jewels of the Medicare program.”
The president told the ceremony that the plan would allow the government to charge the manufacturers of drugs cheaper prices for prescription drugs that are available at pharmacies.
“If you take a drug like an antidepressant, you’re paying a lot more.
If you take an opiate like OxyContin, you can pay less,” he said.
“If you’re going to save money on that drug, the only way you can do that is by lowering the price.”
President Trump says his plan would bring down prescription drug costs.
https://t.co/f1z0rX4sYVpic.twitter.com/f3o9gY8g4V — The Hill (@thehill) May 3, 2021President Trump said his plan is meant to “bring down the cost of prescription drug benefits,” but did not provide specifics.
The new plan would require the government, by 2020, to negotiate lower prices for drugs, which is part of a strategy that he outlined in his State of the Union address last year.
He said the government would negotiate lower costs “without having to spend money on the manufacture and distribution of those drugs.”
“We’re going take care of the drug companies, and we’re going keep prices low,” he told the crowd.
“We’re not going to have to subsidize them.”
Under the new plan, the government will set the price for generic drugs and manufacturers will negotiate lower price agreements for those drugs.
It also includes a number of other measures aimed at encouraging innovation and lower prices, including an increase in the number of Medicare prescription drug plans available for purchase by consumers.
The White House also announced a new effort to “enhance public access to high-quality health care” with a new Medicare Prescriptive Services website that is aimed at connecting Medicare beneficiaries to the most affordable doctors and hospitals.
The program will also be made available to states, and the federal government will provide funds to reimburse state and local governments for administering the program.
A White House official told The Hill the website will launch later this month.
Trump’s new Medicare prescription program would provide a tax credit for seniors who receive prescription drugs and for those who purchase prescription drugs for their spouses and dependents, as well as a rebate for prescription drug and device costs for consumers.
Under the plan, Medicare beneficiaries would also be eligible for health insurance subsidies under the Affordable Care Act.
The cost of buying a prescription drug could also be adjusted based on a person’s income, the amount of income that is deducted from his or her federal tax return, and whether the patient is enrolled in a Medicare Advantage plan, which offers private insurance plans.
The Affordable Care Bill, signed into law by President Barack Obama in 2010, was designed to expand Medicare coverage and to lower premiums for those with incomes below 133 percent of the federal poverty level.
The Congressional Budget Office has estimated that the new Medicare program would cost about $3.6 trillion over 10 years, but critics have pointed to concerns that the bill would lead to increases in the Medicare population, as the number and severity of the problems associated with chronic conditions increases.
The Trump administration said that the Affordable Health Care Act also includes provisions to “ensure the availability of affordable prescription drugs to seniors, including by ensuring that all beneficiaries of the Affordable Medicaid program have access to a qualified prescription drug plan.”
The administration has not said whether it will allow individuals to buy prescription drugs without a prescription.
A spokesperson for the White House did not immediately respond to a request for comment on whether Trump’s plan is an indication that the president will implement a plan that would increase the costs of prescription medications for seniors.
Trump has previously said that he would like to see Medicare cut $4 trillion in spending in the coming years, and has previously suggested that it could be replaced by a voucher program that would allow people to purchase insurance on their own.
The number of people enrolled in the Medicaid program is expected to grow from 7.5 million today to 12 million by 2026, the White Hill reported.
Trump, in his speech at the State of The Union, said that his plan will allow for a “grand bargain” with Democrats in Congress that would lead the government back into the private market.
“We can’t let these people in the private sector, who make their living by gouging seniors for drugs that cost more, make up the difference.
We can’t,” he continued.
“And so we’re bringing down the costs.
We’re bringing them down for everyone, including seniors.”