Democrat entrepreneur Andrew Yang is a long shot to win the White House in 2020, but he is still rolling out his presidential plans, including more federal government control over the medical prescription industry.
Andrew Yang’s plan includes using international standards for drug pricing, licensing drug companies that cooperate with the government’s regulations, and public manufacturing of medications.
Yang makes a pitch for his plans on his campaign website:
We need to put pressure on these companies to get their prices under control and more in line with the rest of the world. Americans pay twice as much as Australians and three times as much as the Dutch on prescription drugs due to lack of price control. We have to give the federal government authority to negotiate drug prices and use standard international price reference points so pharmaceutical companies can no longer exploit our market and the American people.
If these companies are not willing to compromise, we need to ensure the U.S. government has the ability to force licenses for these drugs to companies who will. Additionally, we need to authorize the creation of public manufacturing facilities to make these drugs, as well as other necessary drugs and unprofitable but necessary medications, for the American people.
Yang also said that Congress should legislate to make it possible for Medicare — or the government — to negotiate drug prices. He also advocates for punishing businesses who do not cooperate with the government.
“If a company is charging too much, someone willing to charge a reasonable amount will be granted a license to make the medication,” Yang said on his campaign website.
“According to his campaign, Yang would also allow for importing prescription medication from other countries ‘if all else fails,’” the Hill reported.
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