HHS seeks voluntary drug price cuts from pharma companies

Officials from HHS are currently talking with pharmaceutical companies to pursue voluntary price cuts as part of President Donald Trump’s drug pricing plan, The Hill reports.

“We are working with stakeholders across the spectrum including drug companies, pharmacy benefit managers, distributors, patients, healthcare professionals, physicians, insurers, etc., to respond to President Trump’s call to action and help patients pay less for their prescription drugs," an HHS spokesperson told The Hill.

At present, it is not clear whether any pharma companies have agreed to voluntarily cut their plans—though, at the end of May, President Trump said drug companies would announce voluntary price cuts “in two weeks." HHS Secretary Alex Azar noted his department would like to work with industry leaders before taking any action.

Possible proposals for lowering drug prices, should the administration take action, include reclassifying drugs within Medicare to increase competition and mandating drug companies to release their prices in advertisements.

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