In Congress, Nancy Pelosi recently revealed her bill on drug prices which allows the federal government to negotiate prices for prescription drugs. This bill would "impose severe financial penalties" on companies that will not come to an agreement. Companies that raise their prices above the inflation rate would also be required to give that extra amount back to the U.S. Treasury. Another benefit would be the aid of senior citizens. The bill would put a limit of $2,000 a year on out-of-pocket spending. In addition, Democrats have suggested putting a maximum price on these drugs, comparing them to the prices other countries pay. However, Republicans have voiced their disapproval, talking about the extremity of the bill and how in the Senate, it was "dead on arrival." Although this bill appeals to Democrats over the issue of health care, President Trump has also shown his support for the bill.
This drug pricing bill is an example of the process a bill goes through Congress. One step includes going to the appropriate committees. The Republicans in the House Energy and Commerce Committee have issued a statement showing their opposition towards the bill.
1. Should the government be allowed to regulate this kind of health care or is it up to prescription drug companies?
Good topic Karissa, thanks for posting. I would ask what is the basis for Republican opposition to this bill? In addition, what is the significance of the fact that Trump has shown support for this bill?
ReplyDeleteLet's get these comments rolling!
Steven Yarmolinsky
ReplyDeleteWhile President Trump is showing support for Pelosi's bill, it seems as though him and Mitch McConnell are not on the same page. McConnell stated that Pelosi's bill is dead upon arrival in the Senate. The irony behind Trump's support behind Pelosi's bill is that it comes at the same time that the House has started impeachment discussions. One reason for his support of Pelosi is that he has made reducing the cost of prescription drugs a priority as he seeks re-election.
There is a long-running debate in the country about whether governments should directly intervene to regulate or set prices for drugs. The government should be allowed to regulate the health care industry because Americans pay more for drugs than people in other wealthy countries, high drug prices make it less likely to extend health coverage to everyone, and the disconnect between prices charged for drugs and their health benefits.
ReplyDeleteI do think that the government should be allowed to regulate the prices of prescription drugs in order to ensure that the prices to not reach a point where they can not be afforded by people who really need them. While I certainly understand the argument that the prices should be freely chosen by the companies as capitalism would suggest, the government must also protect those who have no other options when it comes to medication. If the prices of certain drugs are hiked up too high, some people will be unable to get the care that they need. In order to prevent this, the government must set caps on the prices of certain prescription drugs.
ReplyDeleteDrug prices should definitely be regulated by the government. Private drug companies operate for profit, so it is in their best interests to sell their products at the highest price possible. As a result, many life-saving drugs become unobtainable to those who need them. With regulated prices, this will no longer be an issue. Additionally, regulating these prices will also lower the amount of money we spend on healthcare.
ReplyDeleteEthan Gardner
ReplyDelete1. The government should be allowed to regulate prescription drug pricing because the pharmaceutical industry already has a lot of power and has risen prices for their own financial gain. Over-the-counter medicine has become extremely expensive, and those who really need it can often have difficulty affording it. If the government were to step in, it would help people get the medication they need at a fair price, while also taking away influence from the powerful pharmaceutical industry.
I think that by having the federal government regulate pricing of prescription drugs will ultimately make them more attainable and less of a monopoly for the prescription drug companies. While it may seem like a radical idea for Republicans by having the bill becoming it would prove to be more beneficial to the overall population of the U.S., especially to those who rely on medicare because by having a regulated price it will allow them to afford prescription drugs to address their medication needs for certain health conditions. Without the bill the monopoly of prescription drugs will continue to reign and make more profits in the near future.
ReplyDelete1. I think that drug companies should mainly regulate drug prices based on supply and demand. however, the way things are now is completely unacceptable. The government should step in when such an abuse is happening, and it should step in to break up monopolies and prevent one drug from becoming so expensive that Americans with healthcare cannot even afford it. although it would be great for drug companies to be able to regulate prices on their own, they sometimes abuse this power and it is important for the government to step in and create some sort of guidelines, especially when it comes to something so important such as medicine.
ReplyDelete1. The job of the government is to protect the the civil liberties and rights of the people. Affordable healthcare has recently been considered a civil right because it relates to people's abilities to survive conditions and not being financially destroyed by them. Usually, government regulation of business in the sense in the healthcare plan is out of what the government should control, however it is beneficial in the American pharmaceutical industry. Americans pay more for drugs than any other nation and it is harming the American people, especially the poor. For instance, people like Martin Shkreli raise the prices to astronomical lengths on life saving medicines. Due to the fact that prescription drug companies overcharge and abuse Americans on something as important as medicine, it needs regulation. Pharmaceutical companies will continue to do fine, even after any law.
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