President Trump Promises to Lower Prescription Drug Prices

President Trump has introduced a strategy he says will lower prescription drug prices for consumers by focusing on private-sector incentives.

Posted: May 12, 2018 8:27 AM

(NBC News) President Trump has introduced a strategy he says will lower prescription drug prices for consumers by focusing on private-sector incentives.

Mr. Trump's plan mostly targets drug makers and distributors, seeking to increase competition and create incentives for lower prices.

"We're also increasing competition and reducing regulatory burdens, so drugs can be gotten to the market quicker and cheaper. We're very much eliminating the middlemen. The middlemen became very, very rich," the president said. 

The president also blasted foreign governments, alleging they force drug companies to sell at low prices in their countries, driving up costs for American consumers.

The Trump plan does not permit Medicare to directly negotiate with drug companies to lower prices for the 60 million americans enrolled in Medicare Part D.

In a statement, Democratic leader Nancy Pelosi called the president's plan "yet another giveaway to big pharma."

A pharmaceutical trade group issued a statement saying the president's plan could limit patient access to medication and stifle innovation.

Read more: https://nbcnews.to/2I9cyEn

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