Clinton Adds Details to Plans on Prescription Drug Costs

22 Sep 2015 | Author: | No comments yet »

Clinton wants price cap after 5,000% rise in Daraprim cost.

The Federal Bureau of Investigation has thrown into chaos efforts to publicly release secret emails sent from Hillary Clinton’s private email server as secretary of state – and start ending the controversy that has dogged her presidential campaign all year. Democratic presidential candidate Hillary Clinton on Tuesday will propose a $250 (€225) monthly cap on prescription drugs to stop what she calls “excessive profiteering” by pharmaceutical companies.After Clinton tweeted that she was going to lay out a plan to target “price gouging” on Monday, the biotech ETF (IBB) closed down -4.48 percent, its worst daily performance since December 23, 2014 when it lost -4.66 percent.

Sullivan to coordinate with the State Department some method of releasing emails from the server Clinton turned over to the Justice Department this summer. Under Ms Clinton’s plan, the monthly cap would limit what insurance companies could ask patients to pay for drugs that treat patients with chronic or serious medical conditions. She will outline her plans later on Tuesday. “All of our intelligence says that it is going to be very hard for Hillary, or any other candidate, to really have a profound impact on drug pricing,” Brent Saunders, chief executive of Allergan, told CNBC Monday. Both pharmaceuticals and biotech stocks, after initially taking a hit from the introduction of the Affordable Care Act, in 2010 also known as Obamacare, have rallied in recent years. At this price, it is a no-brainer.” The drug is very inexpensive for Turing to manufacture, Mr Shkreli said during an interview Monday with Bloomberg TV, though there are other administrative and regulatory costs for the company.

Biotech medicine prices have been on the rise as companies move into more specialized diseases, which have a smaller patient population, and try to get back the money back which they have spent on research and development via higher pricing. Clinton’s emails are being sought by several different media companies as well as some anti-Clinton organizations such as the conservative law firm Judicial Watch.

The U.S. is almost always the market which pays the highest prices, as in other countries with fewer potential payers those payers can negotiate harder on price. Part of the reason for the big declines seen in stocks on Monday may be that there has been some froth in the market, spurred on by what is shaping up to be a record year for mergers and acquisitions.

To underscore its point, Judicial Watch released 50 pages of emails that Abedin sent through Clinton’s private server that openly discussed sensitive topics such as specific hotels where Clinton was staying on overseas trips. While Ms Clinton has maintained her front-runner status, she has been under pressure to take more populist stances to widen her lead over US Senator Bernie Sanders, her second-place rival for the Democratic nomination. Ms Clinton would also prohibit what the campaign called “pay-for-delay agreements,” in which the owner of a brand-name drug pays a generic competitor to keep its product off the market for a period of time, usually as part of a litigation settlement.

The slow trickle of cooperation from Clinton and Abedin – and the flood of demands for the emails from at least two judges and various media outlets under federal open records laws – has squeezed the department. Ms Clinton wants Medicare, the US government’s health insurance programme for the elderly, to be able to negotiate with pharmaceutical companies over drug prices and require more generous rebates, driving down overall costs. Consumers would also be allowed to purchase drugs from other countries, where medicine is often less expensive, so long as sufficient safety standards are in place, Ms Clinton’s campaign said. Traditional “Big Pharma” companies have long faced criticism for steadily raising prices of their prescription medicines in the US, often by jumps of 10 per cent or more.

Mills’ documents fell from the sky on the eve of the State Department’s production deadline, but that is not remotely the case,’ wrote Citizens United, which has sued for release of the emails, in a filing last week The department has cited those pressures in asking for a serious of stays on the various email demands, but judges have also shown little sympathy, so far fully granting only one of 26 such requests. Congressional Republicans on Capitol Hill last week sharpened their criticism of Clinton’s email practices, with GOP Senate Whip John Cornyn of Texas calling for a special counsel investigation into the matter.

Two other GOP Senate committee chairmen are considering hearings to compel testimony from Bryan Pagliano, a former Clinton aide who set up the private server in her home. For instance, prices for heart drugs Nitropress and Isuprel went up fivefold and twofold, respectively, after Valeant Pharmaceuticals International Inc purchased them earlier this year.

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