Trump Is The Most Successful Democrat Ever
Trump is the most successful Democrat ever. Price caps lead to shortages. Want to reduce costs? Allow drug companies to sell directly and eliminate the middlemen.
The government making the claim that we’re now going to be able to, through an executive order, set drug prices. This has become the biggest story. Not that there isn’t already a problem, not that there already is an issue with drug pricing. I’m not saying no. This doesn’t seem to be the answer. Dr Matt Will joins us right now, economist from the University of Indianapolis…. what we heard today about the executive order, about this most favored nation status conversation regarding drug prices and the thrust of it is that the United States will not pay more for a drug price than the cheapest drug price that exists around the globe. You heard the press conference. You took a look at the executive order and the reporting economist. Matt Will what say you?
I say Trump is the most successful Democrat I have ever seen in office. He is doing exactly what the Democrats have argued for years and years and years, and he successfully pulled it off. But here’s the irony. You know what he’s doing? His executive order is not just an executive order; he is using the Inflation Reduction Act. The thing that Biden passed, that’s what he’s using. He tried to use this most favored nation status in his first term. It went to court. It was overridden in court. It was said to be a violation of the Constitution because it said the federal government doesn’t have the right to control prices. We already failed. Of this MFN process. But now he’s going to do it again. This time he’s using the Inflation Reduction Act. He slammed Biden for the IRA, and now he’s using it to implement his price controls. Price controls, Tony, let’s get into the laundry list of why they’re bad. I can’t tell you how terrible this is.
Talking to Dr Matt Will, economist at the University of Indianapolis. The thing that comes to mind, the first thing on this subject is if you tell drug companies, they can’t charge, right? We understand that other countries have lower drug prices because they have much higher taxes and the government is engaged in subsidies. We know this to be true. We have a very different system here. I happen to like our system, but there’s been a conversation about, well, if you do this, what you’re really going after is R&D research and development. Is that true in your opinion? And how does that, how does R&D get affected?
Yes, this is so important. 60% of the R&D expenditures in the world is done in the United States. We’re not 60% of the global GDP, but 60% because this is the only place people can make. Really, AstraZeneca, Bear, the Pfizer, you know, Roche, guess where those companies do their R&D? Not in Europe. They’re doing their R&D in the United States, most of their R&D in the United States because this is the only place they’re allowed to recover their R&D costs.
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So now I ask you that if the status quo simply is not good, the drug prices are very high. Americans would agree with this, and every American would agree if they were paying less for their drugs, they’d be better off. What should the US government be doing? What should we as a nation be doing to bring down drug costs?
OK, now that that’s all the bigger animal and it’s not that simple to explain, but it primarily starts with the prescription benefit managers.
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