Left Menu
Development News Edition

UPDATE 1-White House kills rule aimed at ending Medicare drug rebates

Reuters | Washington DC | Updated: 11-07-2019 18:40 IST | Created: 11-07-2019 18:09 IST
UPDATE 1-White House kills rule aimed at ending Medicare drug rebates

The Trump administration has withdrawn a rule aimed at eliminating pharmaceutical drug rebates from its Medicare health plans, sending shares of Cigna Corp, the largest U.S. pharmacy benefit manager, up 9 percent in pre-market Thursday trading.

Politico https://www.politico.com/story/2019/07/11/white-house-drug-rebate-rule-1405884 reported the news on Thursday and the White House confirmed the decision to Reuters. Shares of health insurers such as UnitedHealth Group Inc and drug distributors like McKesson Corp also rose after the report, as did those of drugstore chain CVS Health Corp and Walgreens Boots Alliance Inc.

In recent weeks, Politico and other publications reported that the White House and Health and Human Secretary Alex Azar disagreed over the rule, which was in the process of finalization. The rule would have required pharmacy benefit managers and health insurers that provide drug benefits to pass on any drug manufacturer discounts or rebates to patients or obligated them to eliminate the rebates.

"Based on careful analysis and thorough consideration, the President has decided to withdraw the rebate rule," White House spokesman Judd Deere said in an emailed statement. "The Trump administration is encouraged by continuing bipartisan conversations about legislation to reduce outrageous drug costs imposed on the American people, and President Trump will consider using any and all tools to ensure that prescription drug costs will continue to decline," he said.

Also Read: UK ambassador to US resigns after calling Trump administration 'inept'

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

'Diya jalao' for COVID 19: Modi needs to practice his teachings and control fake news on social media

In his video message to the nation on Friday the Prime Minister talks about peoples collective power to win the invincible. However, he has made no concreate efforts to win over the confidence and represent the collective power of the polit...

Tourism post-COVID 19: Lessons learned, out-of-box strategies to ensure the revival

In the pre-COVID 19 period the tourism industry was seen with much hope throughout the world. However, the COVID 19 pandemic has completely paralysed the tourism industry and its dependent sectors. The tourism industry in the post-COVID 19 ...

Cybersecurity post-COVID 19: More internet means more threats, stay alert folks!

When supported by adequate digital awareness campaigns and more crackdowns on cybercrimes, increased internet usage will help more people embrace technology and better understand the risks, bringing us closer to unleashing the true potentia...

Rising temperatures in India seem to counter the spread of COVID 19 infections

Scary predictions on the rate of spread of COVID 19 infections in India are floating in media. But the data on the spread of infections coming so far point to a contrary trajectory putting a question mark on such predictions. Explanations o...

Videos

Latest News

EXCLUSIVE-Spain's coronavirus crisis stalls global fashion giant Inditex

Inditex has switched its clothes factories in Spain over to making medical supplies and its logistics hub has almost ground to a halt, effectively freezing the nerve centre of its business from which it supplies stores worldwide. Retailers ...

Triathlon-World body extends suspension of all events to June 30

World Triathlon has extended the suspension of all its events, including the World Triathlon Series, to June 30 due to the coronavirus pandemic, the bodys executive board said on Friday. All activities had been previously suspended until Ap...

Indian Potash Ltd contributes Rs 5 cr to PM-CARES Fund

State-owned fertiliser firm Indian Potash Ltd IPL has donated Rs 5 crore to the PM-CARES Fund to support the fight against the Covid-19 pandemic.  This takes contribution of fertiliser CPSUs to Rs 32 crore, an official statement said...

EXCLUSIVE-Air France-KLM in talks on multibillion euro state-backed loan package

Air France-KLM is in talks with banks to receive up to 6 billion euros 6.5 billion in loans guaranteed by the French and Dutch governments, as the airline group braces for a sustained coronavirus shut down, sources told Reuters.The two stat...

Give Feedback