Monday, July 27, 2020

Executive Order on Increasing Drug Importation to Lower Prices for American Patients

This is certainly a controversial executive order among free traders and free market proponents!

I don't think pharmaceutical companies are doing enough to fight any government price controls or barriers to entry! They also do to little to inform the public about such ill conceived big government policies!

Big pharma companies are much more willing to show their support for the cult of racism or the inclusion/diversity ideology than getting cheaper drugs to patients!!
"Bristol Myers Squibb CEO Dr. Giovanni Caforio, in a video posted to the pharma’s diversity & inclusion and LinkedIn pages, reflected on recent events, including Floyd’s death and that of other African Americans. “I am deeply saddened, upset and angry to see violence, inequality and discrimination of any kind,” Caforio said, “and even more when it is rooted in racism.” The CEO concluded his 1-minute video by stating, “These recent acts are focused on the African-American community, but inequalities impact all of society. As a company focused on transforming lives and improving the world we live in, our values are clear, particularly when it comes to integrity and inclusion.”" (source, see also here)

More importantly, there is also an urgent need to reduce excessive intellectual property rights to increase competition and drive drug prices down!

A pertinent excerpt from the executive order:
"... For example, in the European Union, a market characterized by price controls and significant barriers to entry, the parallel trade of drugs has existed for decades and has been estimated to reduce the price of certain drugs by up to 20 percent. ..."

Not only the European Union, but also e.g. Canada imposes government price controls on drugs!



Executive Order on Increasing Drug Importation to Lower Prices for American Patients | The White House

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