The withdrawal of the plan is expected to put pressure on administration officials to pursue more populist proposals, from importing lower-cost drugs from other countries to basing the prices of some Medicare drugs on the lower prices paid by other countries - ideas favored by the president but reviled by the drug industry and many Republicans.
The rebate rule served as a centerpiece for the president's plan to reduce drug prices, and would've deprived PBMs of a crucial portion of their overall revenue stream. And without the middlemen negotiating drug discounts, Medicare would be on the hook for more of the costs, leading to increased insurance premiums and government spending, analysts said. Moreover, last week the president announced his intentions to deliver an executive order that would create a "favored nations" clause, where USA spending for drugs would be tied to prices paid by other countries.
The White House first launched the idea of ending the rebates past year as part of a drug pricing "blueprint" aimed at bringing down costs, an important election issue for Trump.
"Based on careful analysis and thorough consideration, the President has chose to withdraw the rebate rule", White House spokesman Judd Deere told Business Insider in a statement Thursday".
Politico first reported the planned scrapping of the rebate rule on Thursday and the White House confirmed the decision to Reuters.
President Donald Trump has for months been pushing to curtail the rebates worked out between drugmakers and third parties that manage benefits for Medicare, along with Medicaid managed care, where states contract with insurers to deliver benefits, the Wall Street Journalreports.
Deere said Trump is not backing away from his promise to lower drug prices, and the administration is setting its sights on bipartisan legislation.
Braun in March introduced the Drug Price Transparency Act, which would prohibit third-party administrators of prescription drug programs - known as pharmacy benefit managers - from receiving rebates or price reductions from pharmaceutical companies.
PhRMA, the main pharmaceutical industry lobby group, disagreed, saying in a statement that the move ended the only government proposal that would have provided immediate savings at the pharmacy counter for patients.
Grassley said in a statement that he had concerns about the administration's rebate rule, but was confident about the prospects for legislation.
Azar also said that he and Trump are working on allowing the importation of cheaper drugs from other countries, a move Trump has endorsed but which drugmakers have long opposed. Drugmaker Merck & Co. dropped 4.5 percent while UnitedHealth climbed 5.5 percent and CVS Health gained 4.7 percent.
A federal judge in Washington, D.C., ruled on Monday that the administration did not have legal authority to require drugmakers to disclose list prices in their TV ads that were supposed to have started this week. So as far as drug price rebates go, there will be no change because of this White House reversal.
Trump first floated the idea of ending the rebates previous year as part of a drug pricing "blueprint" aimed at bringing down costs.
But congressional analysts concluded that drug companies were unlikely to lower list prices across the board in response to the plan.
"There are still many headwinds for the supply chain", he said, adding that "pharma and biotech seem to have drawn the ire of the administration more recently".
The disruption began about 2:46 p.m Eastern Time, according to DownDetector .com, a site that monitors outages on social media. At the time of this article, people worldwide are having trouble accessing their Twitter accounts.
He said his performance against Nadal in a match that "lived up to the hype" gave him confidence for the final. Federer won his record eighth Wimbledon title in 2017, but lost to Djokovic in the final in both 2014 and 2015.
Unfortunately, just like so many of Starbucks' fan favorites, the Tie-Dye Frappuccino will only be available for a limited time. Despite the variety of visual tones in the drink, the flavor is all banana (with maybe a hint of coconut?).
About half the 1,100 workers at the Bombardier plant in Thunder Bay appear headed for layoff with an undetermined duration. Bombardier Inc.is laying off 550 workers at its Thunder Bay , Ont. plant, according to a federal government source.
According to data from CMS, around 88 percent of ESRD patients in 2016 started treatment with in-center dialysis. While educational efforts and provider-based incentives are important tools, they are not enough.
The agency reported moving crates and kennels of animals to its evacuation site at Maui High School, Perry added. No injuries or damage to structures were reported, but some farm equipment had burned, HawaiiNewsNow reported.
Chevron said Tuesday it began closing five of its platforms and will start moving out all associated personnel. At last count, it had already cut 32% of the oil production in the Gulf and 18% of natural gas output.
Meteorologists warned that torrential rains - as much as 2 feet (60 cm) in some places - are likely to unleash severe flooding. However, in some areas, the storm could bring as much as 25 inches of rain, officials warned.
Magnitude 4.6 quake hits just outside Seattle
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Amazon to launch new high-quality Echo speaker
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Ford and VW team up on EVs
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Samsung's Galaxy Note 10 Axes the Headphone Jack
There will also supposedly be both LTE and Wi-Fi models, with the former having a 340mAh battery and the latter a 237mAh cell. The device pictured here is probably the LTE version, as there is a microphone hole visible near the power button.
Roger Federer vs. Rafael Nadal
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What we learned from Friday at the British Grand Prix
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