By Yasmeen Abutaleb and Steve Holland WASHINGTON (Reuters) - President Donald Trump on Wednesday said he expects major drug companies to slash prices on their products in two weeks, but did not provide details on which companies would do so or how such reductions would be made. Health care lobbyists in Washington said they were caught by surprise and had no idea what Trump was talking about. "You're going to have some big news. I think we're going to have some of the big drug companies in two weeks said they're going to announce, because of what we did, they're going to announce voluntary massive drops in prices," Trump said at a signing ceremony for a new law making it easier for seriously ill people to try experimental treatments. A Health and Human Services Department (HHS) spokeswoman said the agency had nothing else to share on Trump's comments because it didn't want to get ahead of any announcements. Earlier this month, Trump unveiled the administration's plan to lower prescription drug prices, largely through regulatory authority, calling it "the most sweeping action in history" to reduce the cost of medicines for consumers. But healthcare stocks rose as it became clear his administration avoided aggressive direct measures to cut prices. HHS has yet to issue any new regulations or pilot programs to lower drug prices based on the new plan. The NYSE Arca Pharmaceutical Index <.DRG>, comprised of major drugmakers, fell about a quarter of a percent just after Trump's comments on Wednesday. But it steadily recovered and closed up 1.6 percent, while the broader S&P 500 Index closed up 1.3 percent. It is exceedingly rare for drug companies to lower prices prior to facing competition from cheap generics. Amid increased public and Congressional criticism over high drug prices, some companies pledged to voluntarily limit annual price increases to less than 10 percent. Previously, many drugmakers typically raised prices on prescription medicines twice a year, adding up to well over 10 percent. As public pressure mounted, drug companies have blamed middlemen, including pharmacy benefit managers (PBMs) and health insurers, for not passing discounts and rebates they demand off high list prices to consumers. PBMs and insurers have said they are part of the solution for lowering costs and blame pricing on drugmakers. Trump campaigned on lowering drug prices and has said that pharmaceutical companies were "getting away with murder," but has since backed off that rhetoric. PhRMA and BIO, the major lobby groups for the pharmaceutical and biotechnology industries, did not respond to requests for comment on Trump's statement. Several drugmakers contacted by Reuters did not return calls seeking comment. (Reporting by Yasmeen Abutaleb and Steve Holland; Editing by Chizu Nomiyama and Bill Berkrot)
- The Daily Beast
Kareem Elgazzar/ReutersA neuroscientist who specializes in concussions called for the Miami Dolphins’ medical staff and coaches to be fired after quarterback Tua Tagovailoa was hospitalized with a brutal head injury during a game against the Cincinnati Bengals Thursday night. Tagovailoa was taken to the ground during the second quarter and had to be stretchered off the field. The Dolphins later said he had been discharged from the hospital. But Dr. Chris Nowinski, who also specializes in CTE, wa
- The Daily Beast
ILYA PITALEVMoscow celebrated the annexation of huge swathes of Eastern Ukraine Friday but President Vladimir Putin’s party was wrecked by a lightning counter-attack that may have trapped thousands of his men in a key city supposedly now part of Russia. “This is the will of millions of people,” Putin said at a glitzy ceremony in front of high-ranking Russian diplomats still in the country. “People living in Luhansk, Donetsk, Kherson region and Zaporizhzhia region are becoming our compatriots for
The mistake occurred as Martha MacCallum and other Fox News anchors discussed Hurricane Ian’s impact in Florida on Wednesday.
Ginni Thomas, wife of Supreme Court Justice Clarence Thomas, told the Jan. 6 investigators she still believes the 2020 election was stolen, committee chairman tells CNN
Her lawyer said Thomas was "happy to cooperate with the Committee to clear up the misconceptions about her activities surrounding the 2020 elections."
- ProFootball Talk on NBC Sports
DeMaurice Smith vows to pursue “every legal option” regarding the handling of Tua Tagovailoa on Sunday
The biggest concern emerging from Thursday night’s game between the Dolphins and Bengals is whether Miami quarterback Tua Tagovailoa should have been playing. As explained by Michael Smith on the Amazon postgame show, NFL Players Association executive director DeMaurice Smith texted to Andrew Whitworth (a former NFLPA player rep) and Richard Sherman (a member of [more]
- Access Hollywood
The cause of Queen Elizabeth’s death has been revealed.