Is the reality that the USA subsidizes the rest of the world when it comes to drug prices? If that be the case, what is the solution?
I know one thing, the solution is not focusing on the end cost of a prescription drug, nor is it mandating a maximum co-pay. That is as ineffective as subsiding premiums for health care and then claiming you have done something to lower healthcare costs. And it’s not importing drugs from Canada either.
Should prescription drugs be thought of as a public utility where there is room for private investment, innovation and profit, but with certain limits? How about taxpayer funding of drug development beyond basic research?
None of these ideas are without problems and they have the potential of inhibiting development of new drugs to some extent, but so does government price fixing – sometimes called “negotiating.”
Talks on Important Drugs Have Begun April 18, 2022 Discussions have started over the possibility of importing drugs from Canada as a way of lowering drug costs.
The Food and Drug Administration (FDC) has begun talking with five states about how such a program could be implemented. The five states involved in the discussions are Florida, Colorado, Vermont, Maine, and New Mexico. Each of those has submitted reimportation plans or are thinking about doing so.
However, the Pharmaceutical Research and Manufacturers of America (Pharma), the lobbying arm of the big drug companies, sued to block a 2020 federal rule that would facilitate importation, citing patient safety and other concerns.
In addition, Canada has said it has no plans to participate and has told drugmakers not to take steps that could lead to drug shortages there. 💊💊
The possibility of it happening looks distant right now which is why TSCL is continuing to push Congress to pass legislation that will lower drug costs.
💊💊 Americans may have a mistaken view of how Canadians pay for their prescription drugs. Each province is different and many require a deductible equal to a percentage of one’s income. Take a look.