Obama infuriates Big Pharma by demanding they cut drug prices for Medicaid

Good. They're upset that perhaps the easy money days are waning. It's never been clear why Bush, and later Obama, did not want to negotiate drug prices but this may be a sign of change ahead. Big Pharma received a free ride from Obama yet they still complained. Maybe a dose of capitalism is what they need. Either way, Obama needs to hold firm on this and not give in to the swarms of lobbyists who are about to flood the halls of Congress.

The U.S. hospital and drug industries lashed out at provisions of President Barack Obama's deficit reduction plan that would saddle them with more than $200 billion in federal healthcare spending cuts.

Lobbyists vowed to fight proposals for Medicare, which covers the elderly, that are aimed at saving $135 billion on prescriptions by requiring drugmakers to provide steeper rebates similar to those for Medicaid, which covers the poor.

Another $42 billion would come from adjustments in Medicare payments to hospitals, skilled nursing facilities and in-patient rehabilitation centers.

Note from John: These bastards are more than happy to cut Europeans a deal on their drug prices - like charging $25 for Celebrex in France, while the same drug company charges $136 for the same drug at Costco here in the US. They rip us off here in the states because they can. It's time for that nonsense to stop.

via americablog.com

Posted via email from Jack's posterous