Skyrocketing Drug Prices? Thank Biden For That!

No matter if you supported President Biden or not, and you’re a diabetic or are on medications, you have to feel more in the dumps with his “First Day in Office Executive Order” that essentially and immediately, skyrockets the cost of Insulin and other necessary-for-life medications for you. A short history on the subject: Back in mid-2020 President Trump signed four executive orders aimed at lowering the cost of prescription drugs, which he said, “will lead to the cost of insulin dropping to just pennies a day.” His orders required drug manufacturers, “to offer substantial discounts to covered entities which include hospitals, community health centers and other institutions that serve vulnerable populations.”

In addition, under those rules, Medicare would have been required to buy their drugs at the same price that other countries pay. Trump also, while in office and signing these new rules, mentioned that not only were they going to end the “shadowy system of kickbacks by middlemen,” but another Executive Order allowed states, pharmacies and wholesalers to provide safe and legal importation of prescription drugs from Canada where the price for the identical drug is incredibly lower. A plus for people of all political stripes.

In addition, we can most probably kiss good-by to the Trump law that ended the insurance companies’ pharmacist gag clauses that forbade pharmacists from proactively telling consumers if their prescriptions would cost less if they paid for it out-of-pocket rather than using their insurance plan. Who would ever think that using your credit card to buy your prescription drugs could be less expensive than using your insurance card? A huge win for big pharma which placed its multi-million $ political chips on Big Blue Biden. We’re concerned that the cancellation of all of these laws that benefited the average pharmacy customer is being swept under the table by the “leaning to the Left” media. If there’s anything bi-partisan it’s the lowering of drug prices.

Another thought: The year long panic over the Chinese Virus has put not only the focus but the onus for a successful vaccine on such drug giants as Pfizer, Moderna and many others. They have done remarkable work in coming up, in less than one year, with what appears to be a successful vaccine to prevent the spread of the disease. They and others in the industry will now have to provide for well over 3 billion doses to cover every human on the planet.

They are entitled to cover their research and development costs plus profits for their shareholders which have to be enormous. Who will pay for this? Will every nation come up with its fair share or will the United States, once again, wield the world’s checkbook? We’re concerned, as well, that the Biden administration will give in to its political supporters in the board rooms of the leading pharmaceutical companies and will not quibble about the pay-offs surely to be demanded in return for their success.

President Biden lacks the steel business sense and knowledge of his predecessor and must now prepare to deal with the sure to come problems associated with handling these giants who will surely be needed again in the near future. We wish him and the little people who make up our great nation luck. We’re all in the same boat.