Canadian PM, Pharmacy Groups Weigh In On Trump’s Drug Order
Read about the biggest pharmaceutical developments and pricing stories from the past week in KHN's Prescription Drug Watch roundup.
Reuters:
Trudeau Says He Will 'Take Into Account' U.S. Drug Import Plans But Will Put Canadians First
Canadian Prime Minister Justin Trudeau said on Friday that while he is willing to entertain demands from the United States for Canadian medications, he would put the nation’s needs first. In a bid to lower drug prices, U.S. President Donald Trump’s administration on Friday finalized a plan that includes a measure allowing states to purchase medicines from Canada. (9/25)
Politico:
Europe Shrugs At Trump’s ‘America First’ Drug Pricing
It’s been a constant refrain of the Trump administration: Americans are getting the short end of the stick in their business deals. When it comes to pharmaceuticals, there’s a kernel of truth to it. Take the dramatic headlines of sky-high insulin prices and persistent fears of medical bankruptcy. Americans consistently pay more than their European counterparts for their medicines. To address this imbalance, the administration issued an executive order earlier this month to ensure that U.S. drug prices aren’t higher than those of other rich countries. But experts warn there’s a very real risk it won’t succeed in slashing the prices, while making the already secretive market for pharmaceuticals even more opaque. (Martuscelli, 9/29)
Becker's Hospital Review:
Pharmacy Groups Blast US Importation Of Drugs From Canada
Pharmacy groups are speaking out against a final rule from the FDA and HHS that allows importation of prescription drugs from Canada, which the White House claims will bring Americans savings for their medications. The American Pharmacists Association said that the rule, which was published Sept. 25, jeopardizes patient safety by creating supply chain vulnerabilities that could introduce counterfeit or unsafe drugs. "APhA is disappointed that FDA would risk the safety and security of our nation’s drug supply by creating a complex and convoluted program allowing legal importation of certain drugs from Canada. We believe FDA’s new drug importation program is not a safe way to reduce drug prices—and puts patients at risk," the group said in a news release. (Anderson, 9/28)
In other drug-pricing news —
Stat:
Trump’s Drug Coupon Pledge Highlights GOP Inconsistencies
The last time a president used an obscure law to spend billions of Medicare dollars without congressional approval, Republican lawmakers called it a political ploy, a technicality, a way to write a “blank check” to help win an election. They launched investigations and issued subpoenas. But that was when President Obama was in charge. Now, it’s President Trump who’s using the same little-known Medicare law for a maneuver that even some Republicans admit is more brazen than Obama’s attempt. And so far, Republicans are silent. (Florko and Facher, 9/25)
Stat:
Drug Industry CEOs Set To Testify About Controversial Medicines
The House Oversight Committee will hold two days of hearings this week with six drug industry CEOs. The hearings are the presumptive climax of an 18-month investigation first launched by the late Rep. Elijah Cummings in 2019. The hearing could be the most perilous yet for drug makers, who have managed to avoid any major missteps at the multiple congressional drug pricing hearings that preceded this one. The committee’s probe was extensive: Staff reviewed more than a million pages of internal documents from drug companies. And while we don’t know yet what the committee plans to reveal during the hearings, which are scheduled for Wednesday and Thursday, many of the drugs at the center of the probe already have a long and sordid history when it comes to pricing. (Florko, 9/29)
Forbes:
GoodRx IPO Shows Low Drug Prices Can Still Mean Big Money
Shares of drug pricing company GoodRx soared on Wednesday, up 53% from its initial IPO list price of $33 at market close. The company best known for its drug discount coupons is also cashing in on the virtual care boom set off by the Covid-19 pandemic through its telemedicine services. The company started trading at $46 per share, $13 above its expected price, and ended at $50.50 per share. The company’s market cap was $19.4 billion. “This is my first time going through an IPO and it is definitely arduous and painful at times,” says co-CEO and cofounder Doug Hirsch. “But the net result was positive and now I can go back to my day job." (Forbes, 9/23)
