CBO - The Drug imports bill introduced Bernie will save US 6.8B $

[Shadows]

Allowing Americans to purchase lower-priced medicines from other countries would save the federal government alone more than $6 billion, according to a new analysis from the Congressional Budget Office. The report comes as the pharmaceutical industry has ramped up its lobbying — including against a legislative initiative that would let Americans purchase lower-priced medicines from countries such as Canada.

CBO estimates that the change would in total reduce federal government drug spending by more than $6.8 billion over ten years, including a reduction of $5.1 billion in direct spending and roughly $1.7 billion in increased revenue. Before introducing the new legislation, Sanders and Democratic Sen. Amy Klobuchar of Minnesota in January introduced a budget amendment allowing Americans to purchase drugs from Canada. In contrast to typical party-line votes, 13 Republicans voted with the Democrats in supporting the amendment, while 13 Democrats joined the remaining Republicans in voting it down. The tally was 52-46 against the amendment.

During May deliberations over an FDA authorization bill, Sanders, and Democratic Sens. Bob Casey and Elizabeth Warren proposed an amendment allowing for the importation of drugs from FDA-approved facilities in Canada. The amendment was  “laden with protections,” according to Casey. But Democrats Patty Murray (WA) and Michael Bennet (CO), two big beneficiaries of pharma campaign cash, voted against it in committee, and it failed 13-10.

http://www.ibtimes.com/political-capital/bernie-sanders-drug-price-bill-would-save-billions-congressional-analysts-say

[KingSweden]

I'm all for importing drugs from Canada but that number doesn't seem particularly high in terms of cost savings

[Hermit For Peace]

These people have no shame.

Inevitably drug prices will go down...eventually...because it's the right thing to do and pressure will come to bear upon those who are in the pockets of the pharma industry.

[Classic Conservative]

I'm all for this admendment and bill, hopefully it'll pass.

[🐒Gods of Prosperity🔱🐲💸]

I'm all for importing drugs from Canada but that number doesn't seem particularly high in terms of cost savings

particularly given that is over 10 years.  meaning it is about a 0.1% reduction in federal spending on healthcare.

[KingSweden]

I'm all for this admendment and bill, hopefully it'll pass.

I'd say this is a bill I support more out of principle than because I think it'll actually dent healthcare spending in America

[Potus]

This is a misleading policy position. The importation ban isn't about trade barriers, it's about keeping price controls out of the industry with the highest R&D spending of any.

[○∙◄☻¥tπ[╪AV┼cVê└]

This is a misleading policy position. The importation ban isn't about trade barriers, it's about keeping price controls out of the industry with the highest R&D spending of any.

The tech industry has higher R&D, and it wasn't R&D that made Martin Shkreli and Joe Manchin's daughter set their prices so high.

[Atlas Has Shrugged]

I won't make even the slightest dent, but sure, why not? It's a start.

[Shadows]

7B $ may not seem very high but look at the price of essential drugs. For many low income people this will save them from bankruptcy or having to chose between essential items & drugs they need to survive.

The savings could likely be higher, who knows. This is an estimate !

[Potus]

This is a misleading policy position. The importation ban isn't about trade barriers, it's about keeping price controls out of the industry with the highest R&D spending of any.

The tech industry has higher R&D, and it wasn't R&D that made Martin Shkreli and Joe Manchin's daughter set their prices so high.

There aren't price controls on the tech industry either.

Single payer systems are propped up by not having to pay the real costs of medications. The fixed cost of the developing medication is baked into American drug prices, other countries price control their fair share out of the drug. If America adopts price controls on pharmaceuticals, kiss the cures of the future goodbye. No more profit motive to develop drugs for tens of millions of dollars and then only be able to recover 25 cents per pill.

[Santander]

If Americans start importing drugs from Canada en masse, drug companies or pharmacies could just raise prices, at least for American customers. Anyway, doesn't Canada have something like the second-highest drug prices in the world? At best, this is avoiding the problem, at worst, it's exporting the problem.

[MasterJedi]

This is a misleading policy position. The importation ban isn't about trade barriers, it's about keeping price controls out of the industry with the highest R&D spending of any.

The tech industry has higher R&D, and it wasn't R&D that made Martin Shkreli and Joe Manchin's daughter set their prices so high.

There aren't price controls on the tech industry either.

Single payer systems are propped up by not having to pay the real costs of medications. The fixed cost of the developing medication is baked into American drug prices, other countries price control their fair share out of the drug. If America adopts price controls on pharmaceuticals, kiss the cures of the future goodbye. No more profit motive to develop drugs for tens of millions of dollars and then only be able to recover 25 cents per pill.

Right now if they find a drug they basically recoup the cost and start making massive profit in a year. Then it gets recalled in 5 years because it gets approved when it shouldn't. Revamp the FDA to do its job properly, price control the insurance companies out of the market and just have the government dump trillions into medical research, rehire all the people from the insurance companies. Would be best to remove the profit motive out of healthcare, this isn't an unneeded flat screen TV, it's a necessity.

[Grumpier Than Uncle Joe]

I'm all for this admendment and bill, hopefully it'll pass.

[Shadows]

This is a misleading policy position. The importation ban isn't about trade barriers, it's about keeping price controls out of the industry with the highest R&D spending of any.

The tech industry has higher R&D, and it wasn't R&D that made Martin Shkreli and Joe Manchin's daughter set their prices so high.

There aren't price controls on the tech industry either.

Single payer systems are propped up by not having to pay the real costs of medications. The fixed cost of the developing medication is baked into American drug prices, other countries price control their fair share out of the drug. If America adopts price controls on pharmaceuticals, kiss the cures of the future goodbye. No more profit motive to develop drugs for tens of millions of dollars and then only be able to recover 25 cents per pill.

This is so mis-informed & full of fake information that it is astounding. People need to get a couple of Uni Degrees & learn some stuff & do some research before typing stuff.

As Master Jedi said, they are recouping the cost of R&D & other investments in a year or a few years & are generating massive profits. It is ridiculous & it is against the free market. It is not like these Drugs companies are struggling to recoup costs & hence are being forced to charge exorbitant prices. They are literally pouring multiple billions of $ in Political contribution, lobbying & advertisements, etc. It is crazy. And then ridiculous profits.

All because of a monopoly. In no other industry is it allowed. Is import of Cars or Trucks banned? Only it is not allowed in a critical industry which is life & death for consumers & leads to bankruptcy. People can delay purchase of cars but not essential drugs.

[Santander]

This is so mis-informed & full of fake information that it is astounding. People need to get a couple of Uni Degrees & learn some stuff & do some research before typing stuff.

Maybe learn a bit of English before throwing those stones.

[Shadows]

This is so mis-informed & full of fake information that it is astounding. People need to get a couple of Uni Degrees & learn some stuff & do some research before typing stuff.

Maybe learn a bit of English before throwing those stones.

You want me to show eloquence for people who can't comprehend basic stuff? Yea right - What a gigantic wastage of my time !