Monday, July 18, 2011

Obama Targets Drug Companies for Cuts in U.S. Debt Talks - Bloomberg

Drugmakers led by Pfizer Inc. (PFE) and Merck & Co. were targeted for Medicare cuts by President Barack Obama as lawmakers push to agree on a deficit plan. The industry predicted “startling” job losses would result.

Pharmaceutical companies “are still doing very well through the Medicare program,” Obama said today at a news conference. “Although we have made drugs more available at a cheaper price to seniors who are in Medicare through the Affordable Care Act, there’s more work to potentially be done.”

The drug industry contributed $80 billion toward the cost of last year’s health-care law, helping Democrats make up for new spending in the bill. With cuts to Medicaid and Medicare on the table as part of deficit talks, the industry may have to give up more as an Aug. 2 deadline looms.

Posted via email from Jack's posterous

1 comment:

Anonymous said...

U.S. big pharma funded Obama's healthcare plan PR blitz. They foolishly and with their typical short term thinking, thought the no negotiation on Medicare drug pricing would stand.

Whatever your thoughts on Obamacare, this is a perfect example that when you make a deal with the devil, any promises are worthless.