Trump Orders Big Pharma to Show Drug Prices on TV Ads
Says: 'If drug companies are ashamed of those prices—lower them!'
President Donald Trump's administration is putting measures in place to force Big Pharma to display drug prices on TV ads.
The White House is planning to implement the changes as soon as this summer and it will make it a requirement for drug advertisers to give further transparency.
Any pharmaceutical company selling a drug that costs over $35 for a one-month supply will be required to list the drug’s price under the strict new guidelines.
Television ads for pharmaceuticals will be required to list both the price and potential patient out-of-pocket cost.
This new change will have a similar function to the regulations already in place that requires companies to list a drug’s possible side effects.
“Requiring the inclusion of drugs’ list prices in TV ads is the single most significant step any administration has taken toward a simple commitment,” Health and Human Services Secretary Alex Azar said in a statement.
"American patients deserve to know the prices of the healthcare they receive."
According to Breitbart, Johnson & Johnson beat the new laws to the punch with a February announcement.
But other drugmakers have yet to announce their compliance, however.
Many have previously protested the requirement, arguing that the numbers are misleading since customers rarely pay the full list price.
In a conference call with reporters Wednesday, Azar stressed the need for transparency from pharmaceutical companies.
He also lauded Johnson & Johnson’s early adoption of the practice.
Big announcement today: Drug companies have to come clean about their prices in TV ads. Historic transparency for American patients is here. If drug companies are ashamed of those prices—lower them!— Donald J. Trump (@realDonaldTrump) May 8, 2019
President Trump tweeted his own endorsement on Wednesday evening.
“Drug companies have to come clean about their prices in TV ads,” he said.
“Historic transparency for American patients is here.
"If drug companies are ashamed of those prices—lower them!”