Latest news with #drugprices
Yahoo
3 hours ago
- Health
- Yahoo
The president vows to slash medication cost to an unachievable degree.
President Donald Trump has promised to reduce American drug prices by mathematically impossible figures of up to '1400 percent.' Speaking during a White House event attended by Republican members of Congress and his Cabinet, Trump said he would tackle the long-running issue of high medication costs in the U.S. But Trump did not set any achievable targets for that aim, instead outlining a range of percentages which would yield negative prices, meaning drug companies would have to pay people to take their medications.
Yahoo
9 hours ago
- Business
- Yahoo
'Not How Numbers Work': Critics School Trump After Baffling New Claim
President Donald Trump is getting heat on social media for making a claim on Tuesday about cutting drug prices that's essentially mathematically impossible. Trump began promisingly enough with a complaint shared by Democrats and Republicans alike: the high cost of medication, and how much more Americans pay for some medications than patients in other countries. He promised to reduce those costs ― but to a very unlikely degree. 'We're gonna get the drug prices down. Not 30% or 40%, which would be great. Not 50% or 60%. No, we're gonna get them down 1,000%, 600%, 500%, 1,500%,' Trump said at a Republican dinner. 'Numbers that are not even thought to be achievable.' Critics quickly pointed out the reason those numbers are not thought to be achievable: reducing the price by 100% would make the drugs free. Reducing it by '1,000%, 600%, 500%, 1,500%,' as Trump said, would make the cost negative dollars ― with the drug company essentially paying people to take the medication. Several users asked Grok, the AI chatbot on X, if Trump's numbers made sense. Grok called Trump's claim 'mathematically impossible,' 'hyperbolic and not literal' and 'total bullshit.' But Trump insisted he could use 'a certain talent that I have' to convince pharmaceutical companies that they have no choice but to reduce their prices. Trump also mentioned an executive order he signed in May to invoke 'most-favored nation' status in drug costs, which he says would ensure that drug companies can't charge Americans any more than what they charge patients in other nations. However, the details of that plan remain hazy, and at least one pharmaceutical CEO said discussions with the White House are ongoing and expected to take time. Trump on Tuesday insisted that his order will lead to those price cuts. 'We will have reduced drug prices by 1,000%, by 1,100, 1,200, 1,300, 1,400, 700, 600,' he said. 'Not 30 or 40 or 50%, but numbers the likes of which you've never even dreamed of before.' Trump's critics offered some free math lessons: As someone who graduated from first grade, this is not how numbers work. — Hemant Mehta (@hemantmehta) July 23, 2025 Thank goodness this guy isn't negotiating the percentages we pay in tariffs. — Justin Wolfers (@JustinWolfers) July 23, 2025 Quite a trick if he can do it. Are we going into negative numbers where big Pharma pays me to take their drugs? — Dj Omega Mvp (@DjOmegaMVP) July 23, 2025 Hard to imagine this guy was found liable of fraud for making up numbers — MeidasTouch (@MeidasTouch) July 23, 2025 The economics department at Wharton must be incredibly proud of this man's fundamental understanding of basic math. — Franklin Leonard (@franklinleonard) July 23, 2025 Cant wait fill my next zpack at cvs and leave with a stack of their money — Ronnie (@Gem_Mint_Cards_) July 23, 2025 Getting paid to take drugs sounds awesome where do I sign up — TCL (@TitleTalkTCL) July 23, 2025 Universal Prescription Income. Your move, Yang — Roger Sollenberger (@SollenbergerRC) July 23, 2025 What kind of math is this? — Wu Tang is for the Children (@WUTangKids) July 23, 2025 And people wonder how this idiot bankrupted casinos. — Jo (@JoJoFromJerz) July 23, 2025 Negative drug prices are on the way ! 🤣🇺🇸 — Christopher Schultz (@nalyticsatwork) July 23, 2025 This is the fucking genius. — Fred Wellman (@FPWellman) July 23, 2025 — Dave Itzkoff (@ditzkoff) July 23, 2025 @realDonaldTrump is out here pitching drug deals like it's Shark Tank for Cartels:'I'm offering insulin for negative $300 and a lifetime supply of bleach injections… but only if you call in the next 15 minutes.'This QVC for crackheads. — Frank C (@FrankC164) July 23, 2025
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Bristol-Myers and Pfizer to Offer Blockbuster Blood Thinner at Discount
The drugmakers Bristol-Myers Squibb and Pfizer plan to sell the widely used blood thinner Eliquis directly to patients at a discounted cash price—a move that follows the Trump administration's pressure on the industry to cut drug prices. The companies, which have a joint venture that markets Eliquis, said the new service will allow uninsured or underinsured patients to buy the pill at more than 40% off the current list price starting Sept. 8. The service will provide direct shipping of the drug to patients in the U.S.
Health Line
16-07-2025
- Health
- Health Line
Is There a Medicare Drug Price List?
Currently, there's no universal Medicare drug price list available, as drug costs and availability vary according to the private insurer administering the Part D prescription drug plan. Contact Part D prescription drug plan providers to view a Medicare drug price list to discuss their coverage options. They can advise on the drugs they offer and the associated costs. Drug prices in Medicare Part D plans Part D drug plans may include various out-of-pocket costs, including premiums, deductibles, coinsurances, and copayments. However, in 2025, no plan may have a deductible above $590. There are three stages to Part D plans: The deductible stage: Not all Part D plans have a deductible, but if your plan does, you must begin at this stage. The initial coverage stage: Once you pay your deductible in full, you must pay a 25% coinsurance toward the cost of your medications. Some plans may have different coinsurance amounts. The catastrophic coverage stage: Once you pay $2,000 in out-of-pocket expenses, you enter the catastrophic coverage stage and pay no more toward your medications for the remaining calendar year. In 2026, the out-of-pocket total may increase to $2,100. How Part D drug plans list their prices If you have a Medicare Part D prescription drug plan, a private insurer can administer it on Medicare's behalf. The company must follow specific Medicare rules and processes, but it can set costs and decide which drugs to offer. Each plan has a drug list, known as a formulary, that details the drugs it covers. Formularies typically operate on a tier system, with more expensive medications in higher tiers. While plan providers can decide which drugs to include in their formularies, per Medicare rules, they must offer some medications, including at least two drugs in the most commonly prescribed categories and classes. Additionally, all plans must offer most of the drugs in specific protected classes. Protected classes include: antidepressants anticonvulsants antipsychotics cancer medications HIV medications immunosuppressants for organ transplants Before enrolling in a Part D plan, it's important to review the formularies from different companies to ensure that they include your prescription medications. If they're unavailable, you may need to pay out of pocket. Part D plan formularies explained Medicare formularies categorize drugs into different tiers. Tiers may include: generic medications preferred brand-name medications nonpreferred brand-name medications specialty medications Each drug tier may usually have different out-of-pocket costs, with lower tier drugs often having lower copayments or coinsurances. What to ask Part D plan providers Here are some questions to keep in mind when researching different Medicare Part D plan options. What to ask potential Part D plan providers Are my prescription medications in the formulary? What tier are my medications? What are my cost-sharing responsibilities? Are there any restrictions applicable to my medications? How much is the monthly premium? Frequently asked questions Here are some common questions and answers about Medicare drug price lists. Takeaway There's no specific Medicare drug price list, but drug lists are available from Medicare Part D prescription drug plan providers. By exploring all available options for Part D drug plans, including the medications listed in plan formularies, you can make informed decisions about your drug coverage and choose a plan that meets your medication and budget needs. The information on this website may assist you in making personal decisions about insurance, but it is not intended to provide advice regarding the purchase or use of any insurance or insurance products. Healthline Media does not transact the business of insurance in any manner and is not licensed as an insurance company or producer in any U.S. jurisdiction. Healthline Media does not recommend or endorse any third parties that may transact the business of insurance.
Yahoo
15-07-2025
- Health
- Yahoo
Connecticut wants to make generic GLP-1s. Will RFK Jr. lend a hand?
Connecticut passed a new law last week in an effort to lower its spending on weight-loss drugs for its state insurance program — HUSKY Health, which includes Medicaid and CHIP enrollees — and it could help other states do the same if it succeeds. The bill, signed by Gov. Ned Lamont on July 8, focuses on efforts to control drug prices but has a section dedicated to generic GLP-1 drugs, similar to Novo Nordisk's (NVO) Ozempic and Wegovy and Eli Lilly's (LLY) Mounjaro and Zepbound. Combined, the four drugs have been ballooning the state's spending — contributing costs of $140 million in fiscal year 2024 — a problem plaguing many states. Some states have chosen to restrict or limit who can be prescribed the drugs, while others have stopped covering them altogether. Connecticut expanded coverage in 2023. The new law calls for the Commissioner of Social Services to petition the US Health and Human Services Department (HHS) Secretary Robert F. Kennedy Jr. to exercise the federal government's right to own the patents of GLP-1s and contract with generic manufacturers to produce a version of the drugs in exchange for royalties that Connecticut says it will pay. "The commissioner may enter into a consortium with officials in other states in contracting with such manufacturer for such drugs," according to the state's new law. State Sen. Matt Lesser, who introduced the bill, told Yahoo Finance that other states, both red and blue, have already expressed interest. He said the state has 30 days to submit the petition. "The governor and Sec. Kennedy have known each other for a very long time. So I don't know what conversations they may or may not have had. But, I think we're also having some early conversations," Lesser said of the state's social services commission. HHS did not reply to a request for comment from Yahoo Finance. The power to claim ownership of the patent comes from a section in the US Patent Code, 28 US 1498, which is described by experts as similar to eminent domain. If RFK Jr. accepts Connecticut's request, the drugmakers would be compensated based on a benchmark closer to production costs, not to market rates, according to Robin Feldman, a professor of law and director of the Center for Innovation at the University of California, San Francisco. "So recent cases are royalties of 10% or 7.5%," Feldman told Yahoo Finance. Lamont, meanwhile, signaled caution when signing the bill last week. "While well-intentioned, this provision may present an overreach of Section 1498, which was intended to provide a remedy for patent holders for when the federal government uses patented inventions for its own purposes," he said. "The administration will work collaboratively with the industry, healthcare professionals, and advocates to ensure that provision is implemented as appropriate under federal law." The strategy faces some uncertainty, but it could be coming at just the right time, according to some experts. Connecticut's effort comes as prices have begun to ease in the wake of increased supply from drugmakers Novo Nordisk and Eli Lilly. Both are offering vials at cheaper prices than injectables in direct-to-consumer avenues to counter the massive compounding market. Former Novo Nordisk CEO Lars Jørgensen previously told Yahoo Finance that the compounding market is "approximately as big as our own business." Compounders were initially allowed to provide the copycats without FDA approval when the drugs were in short supply. The FDA has since ended the shortages, but some compounders continue to produce the cheaper copycats, claiming they have protections for "personalized medicine." That debate is making its way through the court system and is currently in the Fifth Circuit Court of Appeals. Lesser said Connecticut considered compounding but wasn't comfortable with the lack of FDA approval for the products. In addition to lower prices, Novo Nordisk's drugs are facing the end of their exclusivity period, which is regulated by the FDA. This is separate from the patents protected by the US Patent Office. While the patents expire in 2031, the FDA exclusivity has already partially expired for semaglutide in recent years On top of all that, generic competition is already on the horizon in Canada, which means a manufacturer is currently setting up production and getting approval from a comparable regulatory body to the FDA, according to Rachel Sachs, a professor of innovation policy and patent law at Washington University in St. Louis. That could also be useful if states decide to import from Canada — and would be quicker than the FDA process to contract with a US-based facility. "So this is a sort of sweet spot for those products, where it would be a particularly impactful time for the (patent) law to be used," Sachs said. The law Connecticut wants HHS to invoke has been used in the past. In 2017, Louisiana invoked the same law to try to get Hepatitis C drugs at a lower cost. At the time, more than 35,000 Medicaid enrollees using the drugs were costing the state $764 million. The drugmaker, Gilead Sciences (GILD), ultimately struck a deal with Louisiana to implement an "innovative payment model," which capped the state's costs. And post-9/11, when there was an anthrax scare, the US government invoked the law to stockpile Bayer's (BAYRY) drug Cipro. Bayer ultimately agreed to lower its price. Recently, North Carolina tried a different strategy by leveraging its relationships with Novo Nordisk and Eli Lilly, which had manufacturing operations in the state last year. It was unsuccessful and had to cut coverage for state employees while keeping coverage for Medicaid beneficiaries. The state petitioned HHS and then-Secretary Xavier Becerra to negotiate lower prices on its behalf but stopped short of invoking the patent law, though some advocacy groups suggested it at the time. It's why experts and advocates are closely watching how RFK Jr. responds to this petition. But so far, the Trump administration has made no progress in its efforts to curb costs, according to Amy Kapczynski, a professor at Yale Law School and expert on intellectual property rights. "The Trump Administration has been weak in addressing drug pricing as a problem, undermining some of the gains of the recent Biden bill to lower drug prices for Medicare," she told Yahoo Finance. "They may not want to do this, and argue that they can't — but really, I see it as a question of political will." UCSF's Feldman echoed a similar sentiment, adding that the situation could end well for the drugmakers too. "There should be a deal to be made that provides very handsome returns for the companies who have brought (these drugs) to society, but in a way that's sustainable and doesn't break the bank," she said. — Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, provider services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem. Click here for in-depth analysis of the latest health industry news and events impacting stock prices Sign in to access your portfolio
