Pharma's drug pricing deadline: Here's what to know

Drug Pricing Pressures & Industry Response - Pharma companies are expected to submit plans to the Trump administration for voluntarily lowering drug prices [1] - Most companies are in talks with the administration but haven't made concrete promises yet [1] - The industry's main lobbying group will create a new direct-to-consumer (DTC) website aggregating medicines from member companies at lower prices [4] - HHS sent a proposed drug pricing pilot program to the White House for review [4] Strategies to Lower Drug Costs - Some companies agree that other countries should pay more for drugs [2] - Bristol Myers Squibb is making its psoriasis drug to tick 2 available at more than 80% below the list price [3] - Setting up a DTC website is one way to cut prices, for example, Bristol drug can cut the price by 80% [6] Challenges & Perspectives - Companies can't easily raise prices in places like Europe due to existing controls [2][3] - Even with price cuts, some drugs can still cost consumers $16,000 per year out of pocket [6] - Companies argue that insurance needs to be fixed, with better drug coverage and lower co-pays [7] - Drug companies are trying to shift blame to the middleman [5]