Draining the Pharma swamp: Donald Trump announces plan to hammer Big Pharma’s monopoly profits by requiring competitive bidding for government drug purchase contracts
Wednesday, January 11, 2017 by: Mike Adams
(NaturalNews) In a welcome announcement during a press conference today, President-elect Donald Trump announced a plan to shatter the monopolistic pricing of Big Pharma that has been draining literally trillions of dollars from the government for the past two decades.
“Pharma has a lot of lobbyists and a lot of power,” said Trump. “There’s very little bidding on drugs. We’re the largest drug buyer in the world, and we’re going to start bidding. We’re going to start saving billions of dollars on drugs.” (RELATED: See more coverage of President Trump at Trump.news)
As a result, the federal government is spending hundreds of billions of dollars on overpriced prescription drugs each year, dolling out a whopping $324.6 billion on prescription drugs in 2015 alone. “Spending on prescription drugs outpaced all other services in 2015,” says a Centers for Medicare and Medicaid report entitled National Health Expenditures: 2015 Highlights.
That same report reveals that U.S. health care spending has now reached $3.2 trillion annually, or nearly $10,000 per person. If this spending isn’t curtailed, it’s going to bankrupt America and will soon hit an astonishing 25% of GDP, meaning 1 out of every 4 dollars generated in the entire U.S. economy will be going to drug companies, cancer treatment centers, hospitals, doctors and medical device manufacturers.