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Home Front: Politix

Trump says Big Pharma ‘getting away with murder'

2017-01-12

[Breitbart] New York (AFP) ‐ President-elect Donald Trump on Wednesday attacked the pharmaceutical industry for high drug prices and for manufacturing overseas, saying he will create new procedures for bidding on drugs.

The industry is "getting away with murder," Trump said in his first press conference since he was elected, sending pharma stocks plunging.

"Pharma. Pharma has a lot of lobbies, a lot of lobbyists, a lot of power," he said, making the industry the latest target of his frequent attacks on business since the November election which have included the auto and aerospace industries.

Trump said pharmaceutical companies will be coming back to the United States from overseas.

"Our drug industry has been disastrous. They’re leaving left and right. They supply our drugs but they don’t make them here, to a large extent," Trump said.

Posted by:Besoeker

#6 The competition model is broken.

Posted by: gorb 2017-01-12 14:17

#5 Hence, the "Other People's Money" problem. All your free stuff is really paid for with other people's money. Even my free stuff.

Posted by: Bobby 2017-01-12 13:32

#4 I agree some things need to be regulated. For example there should be some *limited* regulation of drugs and medical equipment. This is to keep the snake-oil salesmen at bay and keep unsuspecting patients from being injured or killed by badly designed or tested equipment. But note I said 'limited' - some of the food regulations are simply enforced marketing.

As for Pharma....

The way I read it it works like this.

Pharma give the consumer 'payment vouchers' for their product - to cover most of the portion of the deductable that Obamacare won't cover.

In the meantime they jack up their prices 10x and charge it to Obamacare. Epipen is just the tip of the Iceberg. The consumer, with the voucher, never really sees the real price and the plan either has to pay whatever is charged or gets re-reimbursed from the government and doesn't really care.

Posted by: CrazyFool 2017-01-12 10:47

#3 Hope Trump follows through and can cut this Gordian knot.

What we've seen so far is few Trump government intervention threats and more 'negotiation/settlement' deals.

Posted by: Skidmark 2017-01-12 10:10

#2 It's like he was Andrew Jackson reborn.

Posted by: g(r)omgoru 2017-01-12 08:37

#1 I am a big fan of free-market capitalism, but there are areas that need gov't. regulations are necessary for safety reasons.

Unfortunately that opens the door to the rapacious rent-seekers of the politco-pharaceutical world. Hope Trump follows through and can cut this Gordian knot.

Posted by: AlanC 2017-01-12 08:06

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