Tomas Philipson, who previously served as acting chair of the Council of Economic Advisers, shared insights on pharmaceutical pricing during an appearance on ‘The Bottom Line.’ He highlighted that, contrary to common perception, the average cost of prescription medications in the United States tends to be lower than in many European countries. This observation stems from differences in market dynamics, pricing regulations, and healthcare systems. While some high-cost specialty drugs may be more expensive in the U.S., the overall basket of commonly prescribed medicines shows a competitive advantage in price. Philipson also touched on broader economic challenges, including the ongoing trade tensions with China, which continue to influence supply chains and manufacturing costs across multiple industries.
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Average prescriptions cheaper in US than Europe: Former Council of Economic Advisers chair
Former Council of Economic Advisers acting chair Tomas Philipson discusses the costs of medicine prescriptions and the trade fight with China on ‘The Bottom Line.’