A Democratic measure could cut drug prices by hundreds of billions of dollars, but can it pass?
Nothing brings an industry’s dirty little secrets to light as effectively as litigation, especially when the industry gives up those secrets voluntarily, in the service of making more profit than it could obtain by remaining silent.The measure would require the Secretary of Health and Human Services to negotiate prices for at least 25 drugs every year, starting in 2021, for Part D, the Medicare prescription program.
The negotiated price can’t be higher than 120% of the average cost for the given drug in Australia, Canada, France, Germany, Japan and the United Kingdom. For drugs not sold in those countries, there’s an alternative formula based on their average wholesale prices in the U.S. The problem with drug price negotiations always has been how to get the drug makers to participate. The Dept. of Veterans Affairs, which has had the most success in squeezing companies for discounts, does it by maintaining a tight list of accepted drugs known as a formulary, and threatening to toss drugs off the list if their manufacturers don’t play ball.
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