Much-Trumpeted Presidential Drug Announcement Lets Down Families and Makes Drug Stocks Soar
FOR IMMEDIATE RELEASE CONTACT: Annette Raveneau
Friday, May 11, 2018 (202) 626-0611
Washington, D.C. —Today, President Trump gave a major speech outlining his proposed approach to prescription drug costs. Following is the statement of Frederick Isasi, Families USA’s executive director:
“Families in America need much bolder action to stop the abusive practices of drug companies that are racking up obscene profits by gouging consumers who can’t survive without their medicine. We are glad that President Trump and his administration are talking about this issue, but the modest measures proposed by the President fall far short of what America’s families need.
“President Trump has not fulfilled his campaign promise to leverage Medicare’s enormous purchasing power to lower prices in aggressive negotiations with drug companies.
“Despite Trump’s words on the White House lawn, his actual plan lacks any real commitment to tackle drug company patent abuses, drug company secrecy on costs, or price-gouging and double-dealing by “middlemen” in the drug sales chain. It is no wonder that, just minutes after President Trump’s speech, stock prices skyrocketed for the entire prescription drug industry.
“Millions of families throughout the United States, including children, seniors, people with disabilities, and low-wage workers, face unaffordable prescription drug costs. State governments and employers also struggle to address these expenses. We all need strong action from the Trump administration and Congress, not rhetoric, loopholes, and half-measures.
“Families USA is working hard with consumer leaders around our nation to urge reforms that get to the heart of the matter by directly tackling high and rising drug prices. Building on today’s announcement, which identifies drug costs as a major national problem, we look forward to working with the administration and members of Congress in both parties to stop drug companies from continuing to impose outrageous costs on America’s families.”
Families USA, a leading national voice for health care consumers, is dedicated to the achievement of high-quality, affordable health care and improved health for all.