It says the White House agreed to oppose any congressional efforts to use the government's leverage to bargain for lower drug prices or import drugs from Canada -- and also agreed not to pursue Medicare rebates or shift some drugs from Medicare Part B to Medicare Part D, which would cost Big Pharma billions in reduced reimbursements.
In exchange, the Pharmaceutical Researchers and Manufacturers Association (PhRMA) agreed to cut $80 billion in projected costs to taxpayers and senior citizens over ten years. Or, as the memo says: "Commitment of up to $80 billion, but not more than $80 billion."I wonder if that was the "Hope and Change" that leftists were counting on? This pandering to corporate interests flies directly in the face of the anti-corporation culture of the Left. I think this revelation might do some long term damage to Obama's Presidency then anything that has gone before. It is almost worthy of a Gate on the end. I'll call it PharmaGate for now.