Tuesday, 15 October, 2019


White House pulls proposal to eliminate drug rebates

President Trump									Win McNamee  Getty Images President Trump Win McNamee Getty Images
Patty Aguilar | 11 July, 2019, 22:54

The Trump administration will no longer proceed with a large-scale overhaul of the drug-rebate industry.

The proposal would have changed the rebate program now in place for pharmacy benefit managers. Trump last week said his administration is working on an executive order to tie drug prices in USA government health programs to the rates paid by other industrialized nations.

The proposed rule was one that the pharmaceutical industry supported, but the PBM and insurance industry fiercely opposed.

White House spokesman Judd Deere said the rebate proposal was withdrawn "based on careful analysis and thorough consideration".

Democrats have also seized on drug pricing as a key issue for the 2020 Presidential elections, with some legislators pushing for new laws to allow the government to negotiate drug prices directly with manufacturers.

It also raises questions about whether the administration's other efforts to lower prices will affect the pharmaceutical industry more directly.

"Only drug manufacturers have the power to set drug prices". After mostly languishing this year, shares of companies that operate large pharmacy-benefit managers rallied, with CVS Health Corp. rising 7% to $59.23 at 9:35 a.m.in NY, while UnitedHealth Group Inc. advanced 3% to $254.98.

The Trump administration is considering a proposed rule that aims to bring some USA drug prices in the Medicare program in line with lower prices paid by other countries that negotiate pricing. The pushback grew after the nonpartisan Congressional Budget Office estimated the plan would have little impact on manufacturer prices and cost Medicare $177 billion over 10 years by leading to higher premiums subsidized by taxpayers.

"The Trump administration is encouraged by continuing bipartisan conversations about legislation to reduce outrageous drug costs imposed on the American people, and President Trump will consider using any and all tools to ensure that prescription drug costs will continue to decline". Drugmakers prefer that to other approaches lawmakers are considering. Ron Wyden of OR, are trying for a compromise centered on lowering drug costs for government programs such as Medicare and Medicaid.

Rebates are a largely unseen part of the complex world of drug pricing.

CVS, Cigna, and other major players in the pharmacy benefits management space rose in surged on Thursday after the Trump administration said it will abandon its effort to eliminate rebates from government drug plans.

The practice, critics said, gives drugmakers a reason to keep list prices high, distorts incentives for drug plans who are supposed to prioritize the interest of their clients and leaves consumers paying more out of pocket for prescription drugs. Instead, they would reimburse pharmacies for discounts provided to individuals as they fill their prescriptions.

Budget hawks within the administration saw their hand strengthened by the report. They would be better able to stay on their medications, and that could reduce Medicare hospital and outpatient spending by about $20 billion over 10 years. Meanwhile, insurers would raise premiums to compensate for the loss of rebates. PBMs would pass rebates to patients covered by Medicare and Medicaid and find a different way to increase revenue.

Recommended

loading...
...
  • Robinson jailed for contempt of court

    Robinson jailed for contempt of court

    Scores of Robinson's supporters had gathered outside the court on Thursday, chanting his name and waving flags. However, he had changed into a plain black T-shirt by the time he arrived in court with his legal team.
    McIlroy: 'Portrush Open is a once in a lifetime opportunity'

    McIlroy: 'Portrush Open is a once in a lifetime opportunity'

    See friends and family. "You're never going to see me posting any videos at one o'clock in the morning, that's for sure. Rory McIlroy knows he will carry the hopes of a nation when golf's oldest major returns to Northern Ireland next week.
    Telstra outage: EFTPOS machines and ATMs down across the country

    Telstra outage: EFTPOS machines and ATMs down across the country

    "Our telecommunication provider continues to work to resolve their incident that is impacting our services", the CBA tweeted. As of a short while ago, Telstra was still investigating, with a cause of the problem unknown, according to ABC News .
  • Warner Bros fire: Firefighters tackle blaze at Harry Potter studios in Watford

    Warner Bros fire: Firefighters tackle blaze at Harry Potter studios in Watford

    A spokesman said: "Eighteen fire engines and support vehicles, are now at the scene as crews continue to tackle the fire". Crews closed roads around the site and ran a hose from a nearby canal to fight the blaze.
    Sith Trooper revealed for The Rise of Skywalker and SDCC

    Sith Trooper revealed for The Rise of Skywalker and SDCC

    Star Wars revealed a first look at the Sith Trooper that will appear in the upcoming film Star Wars: The Rise of Skywalker . The Star Wars Show explains that these Sith Troopers are the "next evolution of the Imperial First Order soldiers".
    Heinen signs two-year contract with Bruins

    Heinen signs two-year contract with Bruins

    That should be more than enough to bring back defensemen Brandon Carlo and Charlie McAvoy , who are both restricted free agents. The Bruins and their 24-year-old winger have set an August 3 date for the forward's potential arbitration hearing.
  • My Heart Is Heavy, Says Rohit Sharma After World Cup Exit

    My Heart Is Heavy, Says Rohit Sharma After World Cup Exit

    The 2019 World Cup is taking place in England and the semi-finalists could be India , Australia, New Zealand and England. Ross Taylor top-scored for the Kiwis with 74 runs off 90 deliveries while captain Kane Williamson hit 67 off 95.
    Starbucks Canada to release new 'Tie-Dye Frappuccino' July 10

    Starbucks Canada to release new 'Tie-Dye Frappuccino' July 10

    In contrast, a venti-sized Tie-Dye frappe has 75 grams of sugar , or three days' worth, all in one pink-and-purple concoction. Just in time for the hottest part of summer, Starbucks is launching a special tie-dye Frappuccino.
    Passenger train hits freight train in Pakistan, killing 16

    Passenger train hits freight train in Pakistan, killing 16

    PPP Chairperson Bilawal Bhutto Zardari urged the government to announce monetary support for the affected families. Doctors said the death toll might further rise as twelve of the injured were in critical condition.
  • Updates from postponed Coke Zero Sugar 400 — NASCAR at Daytona

    Updates from postponed Coke Zero Sugar 400 — NASCAR at Daytona

    The cars came together and caused the massive wreck. "I got under him and he blocked and he just finally wrecked us all". Clint Bowyer pulled out of line and tried to pass Austin Dillon for the lead, but Dillon would not relinquish the spot.
    Apple downgraded to 'sell' over slow iPhone sales, shares down

    Apple downgraded to 'sell' over slow iPhone sales, shares down

    Semmax Financial Advisors Inc. bought a new position in shares of Apple in the fourth quarter worth approximately $50,000. The firm previously had a " Neutral " rating on $ AAPL , and it maintained its US$150 price target for the stock.
    Fans heckle US Soccer president, demand 'equal pay' for World Cup winners

    Fans heckle US Soccer president, demand 'equal pay' for World Cup winners

    For Narcotta-Welp, the general solution is simple, especially considering what the US women's soccer team has done for the sport. Soccer scheduled men's games right before the women's matches in combination hopes of drawing more attention to the men.

Amazon commits $700 million to retrain workers in new skills Amazon commits $700 million to retrain workers in new skills The menu of training options was based on a review of the company's jobs and analysis of hiring data from its USA workforce. Arran Stewart, chief visionary officer of Job.com, praised Amazon's decision to heavily invest in employee training.

Barcelona beat PSG to sign 16-year-old English striker Louie Barry Barcelona beat PSG to sign 16-year-old English striker Louie Barry He comes with worldwide experience despite his age and will no doubt flourish in Spain to further enhance his growing reputation. The 16-year-old turned down a professional contract with the Midlands club and was also on the radar of Paris Saint-Germain.

Momo Challenge: Two Horror Movies Based On Viral Hoax Are Coming Momo Challenge: Two Horror Movies Based On Viral Hoax Are Coming The sculpture will be displayed once again in Ginza's Vanilla Gallery on September 13 as part of his Grudge Girls Collection. Now, Orion Pictures has officially picked up another movie about the film and announced a bit about the crew behind it.

England beat Australia to reach Cricket World Cup final England beat Australia to reach Cricket World Cup final Later, captain, Eoin Morgan, and Joe Root chipped in with 45 and 49-run unbeaten cameos to take England home in 32.1 overs with eight wickets in hand.

Nations urge China to close Uighur detention camps Nations urge China to close Uighur detention camps China's ambassador to the United Nations in Geneva said last month that he hoped Bachelet would take up an invitation to visit. It pointedly cites China's obligations as a member of the 47-member state forum to maintain the highest standards.

Chargers’ Gordon could skip camp, demand trade without new contract Chargers’ Gordon could skip camp, demand trade without new contract Gordon wouldn't be the first player in National Football League history to hold out or demand a trade, nor will he be the last. The talk of the offseason for the Los Angeles Chargers has been running back Melvin Gordon and a possible contract extension.

Nicki Minaj calls off Saudi Arabia performance Nicki Minaj calls off Saudi Arabia performance On Tuesday, Minaj pulled out of festival, and the Human Rights Foundation issued a statement calling for Liam Payne and the other scheduled performers to likewise cancel.

Chiefs' Mahomes wins ESPY Award for Best NFL Player Chiefs' Mahomes wins ESPY Award for Best NFL Player Mahomes has a couple weeks left before he's due back for training camp and a run up to his second full season as the Chiefs starter.

Apple disables its walkie-talkie Watch app due to vulnerability Apple disables its walkie-talkie Watch app due to vulnerability Apparently, the flaw could have allowed a skilled enough hacker to "listen through another customer's iPhone without consent". Apple has apologized for the privacy blunder, and says it is now working on a fix.

Amazon asks FCC to greenlight its internet satellite plan Amazon asks FCC to greenlight its internet satellite plan Starlink satellites are already in orbit, including 57 once you take out the three that SpaceX lost contact with post-launch. Amazon is pressing ahead with its plans to bring global blanket broadband internet coverage delivered from space.

Salmonella - Tainted Papayas and Pig Ears, not Proper for your Plate Salmonella - Tainted Papayas and Pig Ears, not Proper for your Plate Marler Clark is the only law firm in the nation with a practice focused exclusively on foodborne illness litigation. Those states are Connecticut, Florida, Massachusettes, New Jersey, New York, Pennsylvania, Rhode Island, and Texas.

Indian fans hurt by World Cup exit but proud of team Indian fans hurt by World Cup exit but proud of team Kohli's team crashed to an unexpected 18-run defeat against New Zealand in the semi-finals at Old Trafford on Wednesday.

California couple sue fertility centre over 'living hell' IVF mix-up California couple sue fertility centre over 'living hell' IVF mix-up They continue to see mental-health professionals. "This is something that they will live with for the rest of their lives". They said that while they eventually were reunited with their son, their joy at being parents was ruined.

USA politician says female reporter must be accompanied by a male USA  politician says female reporter must be accompanied by a male The Mississippi Republican had tweeted about it on Tuesday evening, referencing the late evangelist Billy Graham's practice of not traveling, meeting or eating with another woman alone.

Apple plans to launch an affordable-range of iPhone in 2020 Apple plans to launch an affordable-range of iPhone in 2020 It is a cornerstone of the Apple experience, but the whole Face ID module is rather large, so hiding it is an extremely hard task. Apple changed how phones were designed when it released the iPhone X in 2017 and introduced the world to the notched displays.