Just wondering if as a tutor you agree or disagree with this... Price controls are government-mandated minimum or maximum prices that are set for certain goods and services. Currently, the government is intervening in drug price controls. According to New York Times, the Biden administration is advocating to limit prices for prescription drugs, calling the government to negotiate with drug makers on prices and applying those prices to both Medicare and all drug purchasers in the country. The house passed a bill that would establish price limits for certain drugs based on what other countries pay. Some parties are not likely to benefit from this. Steve Ubl, the C.E.O. of the industry trade group PhRMA stated, "major across-the-board price reductions would result in reduced revenues for drug companies, and could hurt companies’ ability to spend on research as well as cause smaller companies to close if investors leave the sector" (Katz, 2021). Some democratic lawmakers have concerns that price restrictions could prevent innovation and hinder future drug development. On the other hand, "lower drug prices—even without additional reforms—would result in lower Part D premiums and cost-sharing" (Center for American Progress). This would allow seniors to have lower out-of-pocket costs for prescription drugs and people living with diabetes would have access to affordable insulin. Although I feel that medication prices in the U.S are outrageously high and price negations would essentially help a lot of people, this is a take and give scenario. If they put a price ceiling on medication prices, down the road they will have to compensate for the price controls. Whether they reduce the budget for drug company research or increasing insurance, someone is losing in the end. I feel like we should really just leave it alone until we find a more beneficial plan that helps everyone someway.
Just wondering if as a tutor you agree or disagree with this...
Price controls are government-mandated minimum or maximum prices that are set for certain goods and services. Currently, the government is intervening in drug price controls. According to New York Times, the Biden administration is advocating to limit prices for prescription drugs, calling the government to negotiate with drug makers on prices and applying those prices to both Medicare and all drug purchasers in the country. The house passed a bill that would establish price limits for certain drugs based on what other countries pay. Some parties are not likely to benefit from this. Steve Ubl, the C.E.O. of the industry trade group PhRMA stated, "major across-the-board price reductions would result in reduced revenues for drug companies, and could hurt companies’ ability to spend on research as well as cause smaller companies to close if investors leave the sector" (Katz, 2021). Some democratic lawmakers have concerns that price restrictions could prevent innovation and hinder future drug development. On the other hand, "lower drug prices—even without additional reforms—would result in lower Part D premiums and cost-sharing" (Center for American Progress). This would allow seniors to have lower out-of-pocket costs for prescription drugs and people living with diabetes would have access to affordable insulin. Although I feel that medication prices in the U.S are outrageously high and price negations would essentially help a lot of people, this is a take and give scenario. If they put a
Professionally prescribed medication spending has been rising consistently across the United States since the late 1970s.1 Congress is thinking about different methodologies at the government level to decrease drug spending,2 however state policymakers can likewise act freely to resolve this issue meanwhile. Also, the intricacy of the doctor-prescribed medication production network and the heap cooperations that distinctive state offices have with various pieces of the production network require a diverse methodology. Notwithstanding, given the budgetary pressing factor that medication costs put on states, just as the mischief extreme costs have on occupants' wellbeing and accounts, many states are thinking about different approach changes.
To start with, it considers two choices focused on state Medicaid programs: arranging supplemental discounts and improving medication use surveys.
While Medicaid inclusion of doctor-prescribed medications is discretionary under government law, each state and Washington, D.C., right now give this coverage. When states incorporate physician-endorsed drug inclusion as a component of their Medicaid programs, drug producers and states should go into a discount understanding under the Medicaid Drug Rebate Program. The program expects states to cover all medications of a producer that goes into a refund concurrence with the U.S. secretary of wellbeing and human services. The objective of the refund program is to guarantee that Medicaid gets huge limits for professionally prescribed medications. Therefore, Medicaid addresses the absolute least costs for drugs in the United States.
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