Trump Still Working on Lowering Medication Prices
Trump recently said on Twitter that they were working extremely hard to make prescription drugs available at lower prices. He also added that they were doing the best they can every day as hard-working Americans shouldn’t have to pay such high prices for the medication they need.
The solution that Trump came up with is to import drugs from Canada. These drugs would be cheaper than those that are currently available and sold on the US market.
Canada is known for its more intelligent healthcare system and Trump plans to take advantage of this. Although this would be good for the State, Canada won’t be getting as much from it.
The problem is that Canada doesn’t have an unlimited supply of drugs. In fact, one study revealed that, in about six months, Canada’s entire supply of prescription medicines will be exhausted when a large percentage of Americans did the buying there.
A healthcare economist at Stanford University, Mark Duggan, also suspected an increase in Canadian prices when Trump’s plan was finally executed. This is because drug companies are likely to raise prices due to American-caused shortages.
According to Canadian officials, they would not support plans that could harm their supply of drugs and potentially increase medication prices for Canadians. Simply put, Canada and many of its residents weren’t fascinated by the idea of becoming America’s supply of discounted medications.
The bottom line here is that Trump’s plan might not work after all and a more aggressive approach would be required.
Aggressive measures were implemented in other developed countries; they only have single-payer insurance systems with bargaining power to make drug prices affordable. In the US, it could be termed as “Medicare for All” if only the government would allow Medicare to negotiate drug prices.
Associate pharmacy professor at the University of Washington, Josh Carlson, said that when Medicare does the negotiations, the market is more likely to operate efficiently, leading to a positive effect on drug expenses.
Meanwhile, in Canada, there’s a law that limits the prices for new drugs. They can’t be sold higher than the median price set in other countries. Hence, Canadian prices are close to what people are paying elsewhere. The same law is also implemented in Germany, Japan, France, Britain, and several other developed countries.
As for Trump’s plan on lowering US medication prices, people consider it a lazy approach, particularly because the State’s problems would be offloaded to Canada.