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President Trump has focused on the enormous drug costs and made it a key issue for his administration. He believes that by mandating companies to list prices in TV commercials, the "big pharma" will be shamed and thus keep drug prices at a minimum. In other words, Trump is counting on drug company CEOs to have a sense of guilt and morals, which may be the case.
In May, 2018, Trump and Alex Azar, Secretary of Health and Human Services, introduced the American Patients First blueprint, a strategic plan to lower the cost of prescription drug prices.
In May, 2018, Trump and Alex Azar, Secretary of Health and Human Services, introduced the American Patients First blueprint, a strategic plan to lower the cost of prescription drug prices.
The blueprint intended to find a way to lower costs to medication consumers and Azar came up with the idea of requiring the inclusion of price-listing for all drugs in company advertising.
“Requiring the inclusion of drugs’ list prices in TV ads is the single most significant step any administration has taken toward a simple commitment: American patients deserve to know the prices of the healthcare they receive,” Azar, a former pharmaceutical executive, asserted.
Until now, companies were only required to advertise major side effects of a drug, not the price. The Trump administration said that the new rule will apply to drugs that cost more than $35 for a month’s supply. This new guideline means that practically all drugs advertised on television will be included in this requirement.
According to HHS, the 10 most frequently advertised medications on TV have list prices “ranging from $535 to $11,000 per month or usual course of therapy.”
According to HHS, the 10 most frequently advertised medications on TV have list prices “ranging from $535 to $11,000 per month or usual course of therapy.”
In an interview with ABC News, Azar explained that drug companies spend an average of $4 billion on television ads, which tell consumers to “ask your doctor” and not disclose any further information on pricing.
“The patient is going to have vastly more information to choose among different therapies and pick the most affordable one for them,” Azar said.
According to CNBC, Johnson & Johnson became the first pharmaceutical company to announce its medication’s listing prices will be included in television commercials, along with potential out-of-pocket expenses for the patient.
Drug companies say that they have been hesitant to release list prices because “it’s simply the price that’s advertised” and not “what consumers actually pay” for the medication.
“Claiming list prices don’t matter is almost the same as claiming there is no problem with high drug costs at all,” Azar told reporters in a press speech Wednesday.
He also said that drug companies should be more “transparent” about what they are selling and applauded Johnson & Johnson’s announcement to disclose its prices.
Azar is expected to finalize the rule this week, giving companies 60 days to put the requirement into effect.
Holy acetylsalicylic acid, Batman!
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