Few voters believe Trump will lower drug prices

Big pharma was one of many powerful interest groups that President Trump promised to bring to heel during his 2016 campaign. The self-proclaimed master negotiator described drug prices, like health care in general, as out of control because feeble political leaders had either been bought or bullied by drug-makers.

So far, Trump’s tough talk hasn’t been matched by tough action. He has dropped any talk of allowing Medicare to negotiate drug prices, one of many proposals he floated during his campaign.

Related: Pharma profits, drug prices both soaring

A drug plan that Trump released in May included some provisions applauded by consumer advocates, such as requiring TV advertisements for drugs to include the price. However, overall Pharma reacted with a sigh of relief; pharma stocks soared after the plan’s release as investors bet on the industry continuing to rake in profits.

Voters also aren’t convinced that the president is doing much to lower the price of medication.

A poll conducted by Politico and the Harvard T.H. Chan School of Public Health finds that only 27 percent of Americans say they are familiar with Trump’s prescription drug plan.

Among those who have heard of the plan, 37 percent believe it will result in lower drug prices for Medicare beneficiaries and 42 percent believe it will result in a price reduction overall.

Some of the plan’s components earned support. Majorities of both Democrats and Republicans like the idea of disclosing drug prices in advertisements or barring contracts that prevent pharmacists from telling patients that they can pay less for a drug if they pay out-of-pocket instead of through their insurance plan.

Overall, however, most do not have confidence that Trump’s plan will lead to lower prices. Only 40 percent of Republicans, 21 percent of independents and 9 percent of Democrats believe it will do the trick.

While the Trump administration has yet to unveil any concrete proposals that worry drug-makers, it is beginning to send signals that it will consider more aggressive action if prices continue to rise.

The FDA has begun to review a proposal to allow drugs to be re-imported from other countries, a proposal that the drug industry has fought tooth-and-nail against for years.

The administration is also reviewing a proposed rule to bar drug companies from offering patients discounts for their products, a practice that saves money for patients but not the insurers and Pharmacy Benefit Managers who foot the rest of the bill.