A White House Council of Economic Advisers (CEA) report has been published this week. It discovered that medication costs fell by more than 11 percent under President Donald Trump.
A White House CEA report found that President Trump’s actions have diminished medicine drug charges. The CEA reported that, under former President Barack Obama, prescription prices extended to develop and only commenced to fall after Trump took the oath of office.
The CEA wrote that prescription medication prices fell more than 11 percent and well below the general increase.
“In 2018, prescription medication prices even decreased in nominal terms over the calendar year for the first time since 1972,” the White House council signed.
The CEA credited much of this to the president’s signing of the 2017 Drug Competition Action Plan and the 2018 Strategic Policy Roadmap. The CEA announced the changes enhance “choice and price competition in the biopharmaceutical markets.”
The President’s Opinion
“We think that the results of these actions will save customers almost 10 percent on retail medicine medications, which results in an improvement of $32 billion per year in the purchasing power of the benefits of Americans (including both consumers and producers),” the council added.
The president’s progress on decreasing the cost of prescription drugs follows as a Kaiser Family Foundation (KFF) poll found that health care is the most critical issue for all voters as well as swing voters. Swing voters stated that health care was one of the most motivating puzzles for swing voters to participate in the 2020 official election.
During the State of the Union speech in February, Trump vowed to do more to lower medicine drugs and called on Congress to pass Sen. Chuck Grassley’s (R-IA) Prescription Drug Pricing Reduction Act.
Trump has announced:
My government is also taking on the big pharmaceutical corporations. We have secured a record number of affordable generic medicines, and the FDA is approving prescriptions at a faster clip than ever before. And I was happy to state last year that, for the first time in 51 years, the cost of prescription medications went down.
To Sum Up
And pulling together, Congress can defeat prescription prices considerably from current levels. I’ve been speaking to Senator Chuck Grassley of Iowa and others in Congress to get something on medication pricing done, and done quickly and correctly.
“I’m calling for bipartisan legislation that reaches the goal of dramatically lowering prescription drug prices. Get a bill on my desk, and I will sign it into government quickly,” the president declared.