New Trump Medicare drug-price rules denounced as political revenge by industry

GoodRx Co-CEO says Amazon Pharmacy isn't a competitor

GoodRx Co-CEO says Amazon Pharmacy isn't a competitor

The Trump administration on Friday announced three measures created to cut prescription drug prices - with a particular focus on seniors - pursuant to executive orders signed earlier this year.

One rule, known as "most favored nation", would require Medicare to tie the prices it pays for drugs to those paid by other wealthy countries. The Trump administration says the rule could potentially result in 30 percent savings for patients, although the Congressional Budget Office estimates it could ultimately cost taxpayers more.

The other rule would limit rebates paid to middlemen in Medicare. The rules could also be overturned if Joe Biden takes office in January.

PhRMA, a trade group for pharmaceutical companies, called the rules "a reckless attack on the companies working around the clock to end this pandemic" and said it was looking at options to block them.

The Trump administration has discussed these and other policy changes to lower drug prices over the past four years but has not made substantive progress.

As a candidate in 2016, Trump advocated for Medicare to negotiate prices.

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He also backed a bipartisan Senate bill that would have capped what Medicare recipients with high bills pay for medications, while generally limiting price increases. Chuck Grassley, R-Iowa, and Ron Wyden, D-Ore., did not get a full Senate vote.

The President held a press briefing Friday that emphasized his commitment to America's seniors and patients affected by high medication costs.

The global pricing rule would cover many cancer drugs and other medications delivered by infusion or injection in a doctor's office.

President Trump touted his deal, which places the USA under the "Favored Nations" clause.

Prices for brand name drugs have continued to rise during Trump's tenure, but at a slower rate.

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