How Kamala Harris would address rising drug prices

[brooklynite]

Politico

Kamala Harris on Tuesday announced a plan to reduce prescription drug costs and rein in pharmaceutical companies, including linking the price of drugs to their prices in other countries.

The California senator is expected to promote the plan at an AARP forum in Davenport, Iowa.

What would the plan do?

If elected president, Harris said she would have the Department of Health and Human Services set a “fair price” for any prescription drug whose price increases annually by more than the cost of inflation — or which is sold for less money in any comparable country in the 36-member Organisation for Economic Co-operation and Development.

Any profits pharmaceutical companies make from selling a drug above that set price in the United States would be taxed at a rate of 100 percent, with proceeds going directly to consumers as rebates.