Democratic presidential nominee Hillary Clinton unveiled a plan to deal with skyrocketing drug prices set by pharmaceutical companies: Create a team of people to watch the prices.
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. It’s time to move beyond talking about these price hikes and start acting to address them. All Americans deserve full access to the medications they need -- without being burdened by excessive, unjustified costs. Our pharmaceutical and biotech industries are an incredible source of American innovation and revolutionary treatments for debilitating diseases. But I’m ready to hold drug companies accountable when they try to put profits ahead of patients, instead of back into research and innovation.
According to Clinton's campaign site, the Democratic nominee plans to put together a group of people who will keep track of “1) the trajectory of the price increase; 2) the cost of production; and 3) the relative value to patients,among other factors that give rise to threatening public health.”
Clinton also suggests a potential fine for drug companies who are found to have unjustly risen costs.
“Holding drug makers accountable for unjustified price increases with new penalties, such as fines -- and using the funds or savings to expand access and competition,” the Clinton campaign said, but didn't give specifics about fine amounts or what actions would induce a fine.
Clinton's new plan to create a team of people to watch drug prices comes soon after drug company Mylan received criticism for raising the cost of an EpiPen from $100 in 2007 to $600 today.
Mylan has donated up to $250,000 to the Clinton Foundation, according to the New York Post.