Mark Cuban admits support for Trump executive order: ‘Gotta be honest’
Billionaire entrepreneur Mark Cuban expresses support for President Donald Trump's executive order aimed at reducing prescription drug costs
An executive order issued by the Trump administration has garnered support from billionaire entrepreneur Mark Cuban, who believes it could result in significant savings on prescription drug costs.
The order directs federal agencies to develop regulations and reports related to healthcare and prescription drugs, including revisions to the drug price negotiation program under the Inflation Reduction Act and stabilizing Medicare Part D premiums.
Cuban, who founded pharmaceutical firm Cost Plus Drugs in 2022, outlined six policies that he thinks will lead to savings by changing how drugmakers, pharmacy benefit managers (PBMs), and pharmacies interact.
These policies include divorcing formularies from PBMs, requiring independent groups to develop formularies, and ending the specialty tier of drugs.
Additionally, Cuban suggested that all pharmacies should be fully reimbursed for brand drugs and that the generic cost ratio should be eliminated.
The executive order also calls for reports reevaluating the role of middlemen in the pharmaceutical value chain to boost competition and lower drug prices, making high-cost prescription drugs more competitive, and boosting imports of prescription drugs to lower prices without sacrificing safety or quality.
The Trump administration's order aims to reduce prices of high-cost drugs for seniors under Medicare, including drugs that aren't part of the price negotiation program, and make life-saving drugs like insulin or injectable epinephrine more affordable.
The order directs federal agencies to develop regulations and reports related to healthcare and prescription drugs, including revisions to the drug price negotiation program under the Inflation Reduction Act and stabilizing Medicare Part D premiums.
Cuban, who founded pharmaceutical firm Cost Plus Drugs in 2022, outlined six policies that he thinks will lead to savings by changing how drugmakers, pharmacy benefit managers (PBMs), and pharmacies interact.
These policies include divorcing formularies from PBMs, requiring independent groups to develop formularies, and ending the specialty tier of drugs.
Additionally, Cuban suggested that all pharmacies should be fully reimbursed for brand drugs and that the generic cost ratio should be eliminated.
The executive order also calls for reports reevaluating the role of middlemen in the pharmaceutical value chain to boost competition and lower drug prices, making high-cost prescription drugs more competitive, and boosting imports of prescription drugs to lower prices without sacrificing safety or quality.
The Trump administration's order aims to reduce prices of high-cost drugs for seniors under Medicare, including drugs that aren't part of the price negotiation program, and make life-saving drugs like insulin or injectable epinephrine more affordable.
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