Trump's drug EO is 'a lot of bark, no bite': Former pharma exec
Share this @internewscast.com


() President Trump’s executive order to discuss President Trump’s executive order to cut drug prices up to 80% isn’t winning over everyone.

Former pharmaceutical executive William Soliman joined “Elizabeth Vargas Reports” to discuss the president’s order, which aims to reduce the bill for Americans at the pharmacy.

The order relies on voluntary compliance from companies and international cooperation, leading Soliman to question its overall feasibility.

“The issue really with this executive order is it’s missing a lot of details. So it’s a lot of bark and no bite, from my perspective, because the end of the day, you not only [have] to get the pharma companies to agree, but you’ve also got to get the other countries to tell you what the retail prices [are],” Soliman said.

“There’s actually nothing to force them to do that, right? So for a lot of these pharmaceutical companies, there’s very little incentive, obviously, to do that.”

Soliman says one of the primary reasons Americans pay vastly more for medical drugs is that the governments of foreign nations negotiate the price. However, in the United States, “middlemen” known as pharmacy benefit managers negotiate drug pricing, rebates and discounts on behalf of the health insurers.

“In the United States, over half of the population gets their insurance through their employers. It’s private insurance,” he explained. “So for the rest of us, it’s not going to actually make much of a difference.”

Instead, Soliman suggests many may receive no savings, and in one instance, may have to pay more.

“There could be a higher co-pay, because the pharma company may offset the loss of revenue on the Medicare side, which is about 20% of the country,” he added.

Share this @internewscast.com
You May Also Like

Orlando International Airport Steps Up: Launches Supply Drive to Support Federal Workers Amid Government Shutdown

ORLANDO, Fla. – Last month, the Department of Homeland Security experienced a…

Conflicting Narratives: Trump Officials Offer Diverging Views on U.S. Mission in Iran

Iran’s nuclear ambitions, its missile programs, its network of proxies, and the…

Asian Markets Show Varied Performance Amid Declining Oil Prices and Wall Street’s Downturn

HONG KONG – Asian stock markets displayed a mixed performance on Friday,…

Ocoee Nurse Charged with Sexual Misconduct Involving Amputee Patient Sparks Legal and Ethical Outcry

ORLANDO, Fla. – This week, the Orlando Police Department apprehended an Ocoee…

104 Candidates Reinstated on Ballots as Verified Republicans

In an unexpected turn of events, over a hundred Republican candidates in…

Niswonger Children’s Hospital Unveils State-of-the-Art NICU Expansion, Enhancing Neonatal Care

On Thursday, the annual Niswonger Children’s Hospital Radiothon fundraiser kicked off in…

Tennessee Legislation Challenges CVS in Pharmacy Benefit Manager Dispute

A proposed piece of legislation currently under discussion in the Tennessee legislature…

US Postal Service Faces Financial Crisis: Congressional Intervention Needed to Avoid Cash Shortage by 2024

The U.S. Postal Service (USPS) is on the brink of a financial…

Tennessee on the Brink: Republicans Pave the Way for Medical Marijuana Legalization

In a notable development, several Republican lawmakers in Tennessee have suggested that…