Washington, DC [US], May 12 (ANI): Former US President Donald Trump announced plans to sign an executive order aiming to reduce prescription drug and pharmaceutical prices by 30% to 80% in the United States. The signing is scheduled for Monday at 9 am (local time) and is touted as one of the most impactful executive orders in the country’s history.
In a post on his social media platform, Truth Social, Trump stated that the order would implement a “most favoured nation’s policy.” This policy would ensure that the US pays the same price for drugs as the country that pays the lowest price globally. Trump highlighted that the current high costs of prescription drugs in the US, sometimes five to ten times higher than in other countries, are unjustifiable.
Trump criticized pharmaceutical companies for attributing high costs to research and development expenses, which he argued were unfairly borne by American consumers alone. He stated that the executive order would bring “fairness to America” and reduce healthcare costs significantly.
Earlier in April, Trump signed an order standardizing Medicare payments for prescription drugs, including cancer treatments, to make them more affordable. The order also reduced insulin prices for low-income or uninsured patients to as low as three cents and lowered the cost of injectable epinephrine to USD 15.
The executive order aims to further reduce drug prices through measures like facilitating state importation programs and promoting deals on sickle-cell medications under Medicaid. It also calls on the Department of Health and Human Services to review the Medicare Drug Price Negotiation Program.
Between January 2022 and January 2023, prescription drug prices in the US rose by over 15%, averaging USD 590 per product, according to the Department of Health and Human Services.
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