Prescription drug prices are expected to spike in the new year — despite President Trump’s campaign promise that the opposite would happen.
Nearly 30 pharmaceutical companies including Bayer AG plan to raise medicine costs in January, according to Reuters.
“Twenty-eight drugmakers filed notifications with California agencies in early November disclosing that they planned to raise prices in 60 days or longer,” the report said, citing documents seen by their reporters.
The President has pressured drug companies to lower prices and promised Americans in May 2017 that his policies would lead to a “massive” price drop, according to Fortune.
:I think we’re going to have some of the big drug companies in in two weeks, and they’re going to announce because of what we did, they’re going to announce voluntary massive drops in prices,” he said. “So that’s great. That’s going to be a fantastic thing.”
The Associated Press reported in September that had not been the case and there had in fact been more price hikes than cuts since the President’s declaration.
“Over the first seven months of the year, there were 96 price hikes for every price cut,” according to that AP report.
Americans could also have to re-visit how they pay for medical care somewhere down the line.
Last week, a Texas judge ruled the Affordable Health Care Act was unconstitutional after the President’s new tax plan eliminated penalties assessed to the uninsured. Trump lashed out at congressional leaders Mich McConnell and Nancy Pelosi to find a solution.