President Donald Trump is scheduled to give a speech at 2 p.m. E.D.T. on Thursday, Oct. 25, on how his administration is addressing high prices of prescription drugs.
Politico reported the president in his latest speech on the subject, targeted since his campaign for the presidency, will propose using the Center for Medicare & Medicaid Innovation to test ways to bring down drug costs. The actions include negotiating for some medicines that doctors administer to patients. The proposal will not affect most prescription drugs bought by individuals at pharmacies.
The president will deliver the speech at the Department of Health and Human Services
HHS on Thursday released a study focusing on prices of drugs that are generally administered by physicians. Such drugs are covered and paid for under Medicare Part B.
For the main analysis, we included 27 different drugs. In total, this accounts for $17 billion—a majority of Part B spending on drugs. Among these drugs, on average, the US pays 180% more than the international price. And in some cases, more than 400% the international average. pic.twitter.com/1uIzx6Bn4c— Secretary Alex Azar (@SecAzar) October 25, 2018
The study found that "the prices paid for Medicare Part B drugs with the greatest expenditures in the U.S. exceeded the prices paid in countries with similar economic conditions."
The higher U.S. prices mean Medicare pays nearly twice as much as it would for the same or similar medicines in other countries, according to the study.