Where do the 2020 presidential candidates stand on health care issues?
What impact will the U.S. election have on prescription drug prices?
The 2020 presidential election on Nov. 3 is quickly approaching. Affordability of prescription drugs is one of the most important issues for American voters. This latest slide deck via KFF reviews President Trump’s record during his presidency as well as outlining each of the candidates proposals moving forward towards the election.
In relation to drug prices, both candidates plan to reduce the cost of prescription drugs. While President Trump’s proposals to address drug prices and affordability largely focus on Medicare patients, Vice President Biden is proposing a much broader approach, including the private insurance market. In addition to authorizing the federal government to negotiate drug prices for Medicare and other purchasers (public and private), the former Vice-President plans on prohibiting prices for all brand and some generic drugs from rising faster than inflation. Biden also aims to limit launch prices for new specialty drugs, to be based on recommendation of new independent review board – akin to UK's NICE.
Will Biden's approach impact innovation? The drug industry has claimed that proposals made by both will negatively impact industry profits and likely result in less investment in research and development, leading to fewer new drugs and less innovation over time.