Latest news with #drugprices
South China Morning Post
3 days ago
- Health
- South China Morning Post
Cheaper drugs, revamped fees are healthy steps for Hong Kong
The accessible and affordable world-class public health system Hong Kong enjoys – and expects – comes at an ever-increasing price, amid an ageing society and the rising costs of medical and pharmaceutical advances. A revamp of the fee structure from next year, to recover more of the spiralling costs to the government's budget, was inevitable. Rightly, it is subject to measures to safeguard access for the most vulnerable members of society. It is good, therefore, to learn the government is going on the front foot in negotiations with pharmaceutical companies to get the best deals for many of the drugs that public patients need and the best value for the massive public investment in healthcare. As a result, patients can soon expect to pay about 20 per cent less for some drugs. Hospital Authority chief executive Dr Tony Ko Pat-sing anticipates savings to public funds of at least HK$1 billion (US$127 million) from measures including drug price reductions and expansion of sources of supplies. This is thanks in large part to a greater emphasis on a thorough procurement process. The Hospital Authority's chief pharmacist, William Chui Chun-ming, says when hospital drugs are reasonably priced, the authority can use the money saved to buy more new drugs or extend the range in stock. So far, he says, 70 per cent of drug makers, mostly from foreign countries, are willing to give discounts of an average of 20 per cent. The authority's negotiators used as a reference drug prices offered under the mainland's medical insurance system, which are generally lower due to the bargaining power of bulk procurement for a huge population. Beijing said last year that this had saved patients more than 880 billion yuan (US$123 billion). The potential for cost-effective optimisation of access to the latest pharmaceutical drugs will be enhanced by Hong Kong's aspiration to become an international medical and innovation hub, including a recognised clinical drug-trial centre. Chui said the authority would also monitor drugs in phase three clinical trials and approach developers for access to data with a view to adoption in public hospitals soon.
Washington Post
4 days ago
- Business
- Washington Post
Trump's imaginary numbers, from $1.99 gas to 1,500 percent price cuts
President Donald Trump made a promise at a reception last week for Republican lawmakers that was as impossible as it was specific: He would drive down drug prices by as much as 1,500 percent — 'numbers that are not even thought to be achievable,' he said. A price cannot drop by more than 100 percent, but Trump went on to make several other precise but clearly false numerical claims. The cost of gasoline had fallen to $1.99 a gallon in five states, he said; according to AAA, it was over $3 in every state. Businesses had invested $16 trillion in America in the past four months, he added; the entire U.S. economy last year was worth less than $30 trillion.
Yahoo
23-07-2025
- Business
- Yahoo
'Not How Numbers Work': Critics School Trump After Baffling New Claim
President Donald Trump is getting heat on social media for making a claim on Tuesday about cutting drug prices that's essentially mathematically impossible. Trump began promisingly enough with a complaint shared by Democrats and Republicans alike: the high cost of medication, and how much more Americans pay for some medications than patients in other countries. He promised to reduce those costs ― but to a very unlikely degree. 'We're gonna get the drug prices down. Not 30% or 40%, which would be great. Not 50% or 60%. No, we're gonna get them down 1,000%, 600%, 500%, 1,500%,' Trump said at a Republican dinner. 'Numbers that are not even thought to be achievable.' Critics quickly pointed out the reason those numbers are not thought to be achievable: reducing the price by 100% would make the drugs free. Reducing it by '1,000%, 600%, 500%, 1,500%,' as Trump said, would make the cost negative dollars ― with the drug company essentially paying people to take the medication. Several users asked Grok, the AI chatbot on X, if Trump's numbers made sense. Grok called Trump's claim ' mathematically impossible,' ' hyperbolic and not literal ' and ' total bullshit.' But Trump insisted he could use 'a certain talent that I have' to convince pharmaceutical companies that they have no choice but to reduce their prices. Trump also mentioned an executive order he signed in May to invoke 'most-favored nation' status in drug costs, which he says would ensure that drug companies can't charge Americans any more than what they charge patients in other nations. However, the details of that plan remain hazy, and at least one pharmaceutical CEO said discussions with the White House are ongoing and expected to take time. Trump on Tuesday insisted that his order will lead to those price cuts. 'We will have reduced drug prices by 1,000%, by 1,100, 1,200, 1,300, 1,400, 700, 600,' he said. 'Not 30 or 40 or 50%, but numbers the likes of which you've never even dreamed of before.' Trump's critics offered some free math lessons:
Yahoo
23-07-2025
- Health
- Yahoo
The president vows to slash medication cost to an unachievable degree.
President Donald Trump has promised to reduce American drug prices by mathematically impossible figures of up to '1400 percent.' Speaking during a White House event attended by Republican members of Congress and his Cabinet, Trump said he would tackle the long-running issue of high medication costs in the U.S. But Trump did not set any achievable targets for that aim, instead outlining a range of percentages which would yield negative prices, meaning drug companies would have to pay people to take their medications.
Yahoo
23-07-2025
- Business
- Yahoo
'Not How Numbers Work': Critics School Trump After Baffling New Claim
President Donald Trump is getting heat on social media for making a claim on Tuesday about cutting drug prices that's essentially mathematically impossible. Trump began promisingly enough with a complaint shared by Democrats and Republicans alike: the high cost of medication, and how much more Americans pay for some medications than patients in other countries. He promised to reduce those costs ― but to a very unlikely degree. 'We're gonna get the drug prices down. Not 30% or 40%, which would be great. Not 50% or 60%. No, we're gonna get them down 1,000%, 600%, 500%, 1,500%,' Trump said at a Republican dinner. 'Numbers that are not even thought to be achievable.' Critics quickly pointed out the reason those numbers are not thought to be achievable: reducing the price by 100% would make the drugs free. Reducing it by '1,000%, 600%, 500%, 1,500%,' as Trump said, would make the cost negative dollars ― with the drug company essentially paying people to take the medication. Several users asked Grok, the AI chatbot on X, if Trump's numbers made sense. Grok called Trump's claim 'mathematically impossible,' 'hyperbolic and not literal' and 'total bullshit.' But Trump insisted he could use 'a certain talent that I have' to convince pharmaceutical companies that they have no choice but to reduce their prices. Trump also mentioned an executive order he signed in May to invoke 'most-favored nation' status in drug costs, which he says would ensure that drug companies can't charge Americans any more than what they charge patients in other nations. However, the details of that plan remain hazy, and at least one pharmaceutical CEO said discussions with the White House are ongoing and expected to take time. Trump on Tuesday insisted that his order will lead to those price cuts. 'We will have reduced drug prices by 1,000%, by 1,100, 1,200, 1,300, 1,400, 700, 600,' he said. 'Not 30 or 40 or 50%, but numbers the likes of which you've never even dreamed of before.' Trump's critics offered some free math lessons: As someone who graduated from first grade, this is not how numbers work. — Hemant Mehta (@hemantmehta) July 23, 2025 Thank goodness this guy isn't negotiating the percentages we pay in tariffs. — Justin Wolfers (@JustinWolfers) July 23, 2025 Quite a trick if he can do it. Are we going into negative numbers where big Pharma pays me to take their drugs? — Dj Omega Mvp (@DjOmegaMVP) July 23, 2025 Hard to imagine this guy was found liable of fraud for making up numbers — MeidasTouch (@MeidasTouch) July 23, 2025 The economics department at Wharton must be incredibly proud of this man's fundamental understanding of basic math. — Franklin Leonard (@franklinleonard) July 23, 2025 Cant wait fill my next zpack at cvs and leave with a stack of their money — Ronnie (@Gem_Mint_Cards_) July 23, 2025 Getting paid to take drugs sounds awesome where do I sign up — TCL (@TitleTalkTCL) July 23, 2025 Universal Prescription Income. Your move, Yang — Roger Sollenberger (@SollenbergerRC) July 23, 2025 What kind of math is this? — Wu Tang is for the Children (@WUTangKids) July 23, 2025 And people wonder how this idiot bankrupted casinos. — Jo (@JoJoFromJerz) July 23, 2025 Negative drug prices are on the way ! 🤣🇺🇸 — Christopher Schultz (@nalyticsatwork) July 23, 2025 This is the fucking genius. — Fred Wellman (@FPWellman) July 23, 2025 — Dave Itzkoff (@ditzkoff) July 23, 2025 @realDonaldTrump is out here pitching drug deals like it's Shark Tank for Cartels:'I'm offering insulin for negative $300 and a lifetime supply of bleach injections… but only if you call in the next 15 minutes.'This QVC for crackheads. — Frank C (@FrankC164) July 23, 2025
