President Donald Trump’s nominee to lead the Federal Trade Commission (FCT) said he’s “very concerned” about price increases for prescription drugs and will explore forming a task force to monitor whether higher prices are due to anti-competitive conduct.
Joe Simons, a Washington, D.C.antitrust lawyer, suggested creating the task force during his nomination hearing Wednesday, February 14, before the Senate Committee on Commerce, Science and Transportation. He said it would enable officials to quickly investigate why increases are occurring in real time and bring enforcement actions when appropriate.
“I’m very concerned as you just described with drug pricing,” Simons told to Senator Richard Blumenthal, a Democrat from Connecticut. “I think the pharma industry is a critical industry for our economy and for consumers. It affects people who are in very vulnerable point in their life often.”
The Trump administration has called drug prices a major policy concern, though has so far taken only limited steps to address them. The Food and Drug Administration has issued policies to get more generic competitors on the market, and the administration has suggested policies that would reduce patients’ out-of-pocket costs.
Full Content: Insurance Journal
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