COLORADO SPRINGS, Colo (KOAA) — Paying for your prescription could get more expensive. President Donald Trump stated in an interview with CNBC that tariffs could reach as high as 250%.
On August 13, Trump signed an executive order outlining ways to boost American drug manufacturing and cut through the red tape that has kept pharmaceutical companies from building here in the U.S.
As many patients across the country continue to feel the pinch from rising prescription costs, Peak Vista, an organization, has been taking a different approach to help those who can't afford to pay for their medicine.
Dr. Katie Boudreaux, Vice President of Pharmacy Services with Peak Vista, says many of their medications are manufactured in other countries. She says the tariff could impact the organization.
"The idea of having to pay more for them is upsetting," said Dr. Boudreaux. "Many of our patients are already having to choose between feeding their families and treating their own medical conditions."
Dr. Boudreaux says the center's pharmacy has no control over the situation and no way to predict what's actually going to happen with the tariffs.
"All we can do right now is to continue to monitor with a 'wait and see' approach," said Dr. Boudreaux.
Scott Van Ness, UCCS Professor in Operations Management, says the U.S. is almost entirely dependent on imported pharmaceuticals.
"Mostly made in Europe,... Ireland, Switzerland, and Germany," said Van Ness.
The problem, he says, is with Active Pharmaceutical Ingredients (API). They are the key components in prescription drugs.
"They are largely produced in China and India," said Van Ness.
He says that reliance is why the U.S. needs to invest in more domestic manufacturing.
"The good news is you can start a pharmaceutical industry a lot faster than you can start a mining copper," said Van Ness.
Van Ness added that tariffs could be used as a negotiating tool, which could drive more manufacturing in the U.S.
"Because there are so many variables at play, I can't project what steps we might take moving forward," said Dr. Boudreaux. "However, Peak Vista's priority is now, and will continue to be, doing everything we can to maintain our patients' access to their critical medications.
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