Wall Street Journal knocks Trump drug pricing plan

Wall Street Journal knocks Trump drug pricing plan
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The Wall Street Journal criticized President TrumpDonald John TrumpUS reimposes UN sanctions on Iran amid increasing tensions Jeff Flake: Republicans 'should hold the same position' on SCOTUS vacancy as 2016 Trump supporters chant 'Fill that seat' at North Carolina rally MORE’s moves on prescription drug pricing in a new editorial, accusing the president of favoring a “me-too Democratic plan.”

The newspaper said the proposed price controls could lead to a decline in U.S. drugmakers' spending on research and development and faulted congressional Democrats and presumptive Democratic presidential nominee Joe BidenJoe BidenMomentum growing among Republicans for Supreme Court vote before Election Day Trump expects to nominate woman to replace Ginsburg next week Video of Lindsey Graham arguing against nominating a Supreme Court justice in an election year goes viral MORE for supporting international drug price indexing.

“Mr. Trump’s drug-pricing orders are a me-too Democratic plan. He would do better running on a platform of innovation, competition and faster cures. Generic drug approvals have increased by about a third since 2015,” the editorial states.

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"Mr. Trump could promise to accelerate approval of gene therapies like Luxturna, which treats a rare form of vision loss. He could point out how Mr. Biden wants to establish a drug rationing board akin to the United Kingdom’s National Institute for Health and Care Excellence (Nice), which restricts treatments based on cost and ‘quality-adjusted-life-years’ benefits,” it adds. “Drug and biotech innovation is one of America’s great comparative advantages, and now both political parties want to strangle it.”

Trump signed four executive orders on drug pricing Friday, allowing states to develop plans for importation of cheaper Canadian drugs, eliminating drug rebates, reducing the cost of insulin and EpiPens and moving to better align what Medicare pays for drugs with the prices paid in other countries. Trump’s authority to implement the orders himself is limited, and as such they primarily direct the Department of Health and Human Services to take action.

House Energy and Commerce Committee Chairman Frank Pallone Jr. (D-N.J.) also criticized Trump for the order, noting the White House opposes a bill passed by the House that would allow the secretary of Health and Human Services to negotiate lower drug prices.

“President Trump’s Executive Orders are a desperate and ineffective election year stunt to try to convince people he’s following through on his promise to lower prescription drug prices," Pallone said Friday.