Clinton's Proposal To Combat Drug Price Hikes
Hillary Clinton, Democratic presidential nominee, introduced a new plan to address the "unjustified" price increases on life-savings drugs that have become commonplace among some drug makers over the past few years.
According to Reuters, Clinton plans on creating an oversight panel that will be tasked with protecting consumers from price increases on life-saving drugs. She also pledged to import alternative drugs and treatments if necessary to do so.
Clinton said that the panel will be provided with an "aggressive new set of enforcement tools" as well as the ability to slap drug makers with fines and even impose penalties for any "unjustified" price hikes.
The panel would consist of representatives from already existing public health and consumer protection agencies.
"Over the past year, we've seen far too many examples of drug companies raising prices excessively for long-standing, life-saving treatments with little or no new innovation or R&D," Reuters quoted Clinton as saying in a statement.
There may be one problem with Clinton's proposal: She would need the blessing of the U.S. Congress to implement key measures of her proposals, including levying fines and fees.
Reuters also noted that lawmakers have historically resisted any motion to introduce controls on pharmaceutical prices. Lawmakers argued that lowering or limiting drug prices would interfere with drug markers' ability to invest in research and develop new therapies.
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