President Trump announced his vision for reducing the cost of prescription drugs in a press conference earlier today. The administration also released a 44-page blueprint of Trump’s plan, American Patients First. This blueprint looks to increase competition and improve the negotiation of drug prices, while also reducing patient’s out-of-pocket expenses. The Department of Health & Human Services has more than 50 actions to implement, both immediately and in the future, related to this plan.
One area the Trump administration is focusing on is that of drug price rebates and pharmacy benefit managers. This new budget may call for PBM’s to share the rebates with beneficiaries, especially those on Medicare Part D plans.
The plan also endorses the idea of having the federal government negotiate prices directly with the drugmakers.