Trump outlines plan to lower Medicare drug prices, end ‘rigged’ system

President Donald Trump outlined a plan Thursday he said would allow Medicare to lower drug prices for its Part B coverage and end this “rigged system” that allows other countries to pay less than the U.S. for the same drugs.

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Medicare reimburses the list price of the drug plus 6 percent, so capping price increases could help lower the program’s costs. Total Medicare drug spending reached $162 billion in 2015, according to data from the Centers for Medicare and Medicaid Services.

“Because @POTUS

wants to end global freeloading, we compared prices for the most costly physician-administered drugs that are covered and paid for by Medicare Part B,” Azar tweeted. The “prices for Part B drugs in America exceed the prices paid in countries with similar economic conditions.”

— CNBC’s Angelica LaVito and
Meg Tirrell
contributed to this report.

This is a developing story. Please check back for updates.

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