July 31: New Executive Orders Address Drug Prices

Plus, the latest pharmacy and healthcare news to know this week

Editor’s Note: This will be the final edition of the Weekly Roundup for a while. We have enjoyed compiling top pharmacy news for you each week, but we’ll be taking a hiatus for the next few months. Please stay tuned to our blog where we’ll continue to provide relevant content to help you better reach your patients and meet your business goals.

The Story

Last Friday, President Trump signed four executive orders to address the high costs of prescription drugs. One of the orders would require PBMs to pass negotiated discounts for drugs on to Medicare patients.

Why It Matters

The cost of prescription drugs in the U.S. have been the subject of much conversation on both sides of the political aisle. In addition to the PBM rule, the orders would also allow states to import certain medications from Canada and other countries, provide discounts on insulin and Epipens for patients, and require Medicare to pay the same price for drugs as other developed nations. 

At the time of signing, the president noted that he would give the pharmaceutical industry until August 24 to respond to the fourth order linking drug costs to prices abroad. However, industry representatives and drug companies declined to attend a scheduled meeting at the White House this week, noting that the industry was focused on dealing with the COVID-19 pandemic. Critics have also argued that the orders would take months to implement, would have little immediate impact, and would ultimately only offer patients minimal relief from high drug prices. 

Other healthcare news to know:

1. Three out of four Americans support requiring people to wear masks in public places, according to a new poll. AP.

2. FDA says drug manufacturers must include information about naloxone on opioid labels. STAT.

3. Medicaid enrollment is up as the country deals with the economic effects of COVID-19. Kaiser Health News.

4. The latest coronavirus stimulus package does not include provider status for pharmacists. Becker’s Hospital Review.

5. Former photography company Kodak is shifting into drug production thanks to a $765 million loan under the Defense Production Act. The Wall Street Journal.