Trump vows to slash U.S. medicine prices with new executive order

Time to lower medication prices in the US

Time to lower medication prices in the US, Finally an executive order that will benefit the poor, A sensitive issue, Most Favored Nation policy, Some of the most expensive in the world, "We are going to do the right thing", Americans could see major savings at the drugstore, Americans could pay up to 80% less for life saving medicines, An example of how much more Americans pay, The heaviest burden falls on those with the most to lose, Improving on what Biden did?, New prices could go into effect next year, Pharmaceutical industry is not thrilled, Bad for Americans?, Trump attempted to low prices in 2020 but failed, Massive savings for taxpayers seems like a great benefit

US President Donald Trump announced on May 11 that he plans to sign an executive order to dramatically lower the cost of prescription drugs by tying US prices to those paid in other wealthy countries.

Finally an executive order that will benefit the poor

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After months of executive orders that made life worse for the average American, it comes as a surprise to learn that Trump is planning to do something that will help nearly all citizens in the United States of America.

A sensitive issue

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It is unexpected to see Trump attempting to address one of the most persistent and politically sensitive issues in US healthcare policy: the disproportionately high cost of prescription drugs.

Most Favored Nation policy

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In a post on his social media platform Truth Social, Trump stated that the order, expected to be signed May 12, would implement a "Most Favored Nation" pricing policy, also known as international reference pricing.

Some of the most expensive in the world

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Trump wrote: "For many years the World has wondered why Prescription Drugs and Pharmaceuticals in the United States States of America were SO MUCH HIGHER IN PRICE THAN THEY WERE IN ANY OTHER NATION, SOMETIMES BEING FIVE TO TEN TIMES MORE EXPENSIVE THAN THE SAME DRUG, MANUFACTURED IN THE EXACT SAME LABORATORY OR PLANT, BY THE SAME COMPANY??? It was always difficult to explain and very embarrassing because, in fact, there was no correct or rightful answer."

"We are going to do the right thing"

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The US President continued, "We are going to do the right thing, something that the Democrats have fought for many years....I will be signing one of the most consequential Executive Orders in our Country's history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%. They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!"

Americans could see major savings at the drugstore

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Trump then concluded: "I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World. Our Country will finally be treated fairly, and our citizens Healthcare Costs will be reduced by numbers never even thought of before. Additionally, on top of everything else, the United States will save TRILLIONS OF DOLLARS. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!"

Americans could pay up to 80% less for life saving medicines

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Despite the questionable name of this new pricing policy, this approach would cap US drug prices at the lowest level paid by comparable high-income nations, which often pay 30% to 80% less than Americans for the same medications.

An example of how much more Americans pay

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As Newsweek and several other media outlets reported, what Trump wrote on Truth Social is correct: the United States pays more for medications than any other country, in some cases nearly triple what other developed nations spend.

The heaviest burden falls on those with the most to lose

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The burden falls heavily on Medicare recipients, the uninsured, and people with chronic illnesses. Drugmakers and industry lobbyists have been anticipating a new policy directive from Trump, particularly one targeting the Medicare program.

Improving on what Biden did?

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Reuters reports that, according to four industry sources briefed by the White House, the executive order is expected to apply more broadly than current price negotiations authorized under President Joe Biden's Inflation Reduction Act.

New prices could go into effect next year

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This act allowed Medicare to negotiate prices for an initial set of 10 high-cost drugs. Those negotiated prices are set to take effect next year, with more drugs scheduled to be added to the program in subsequent years.

Pharmaceutical industry is not thrilled

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While supporters argue that international reference pricing could save billions in taxpayer money and relieve financial pressure on American patients, critics, especially from the pharmaceutical industry, warn that government-mandated pricing could stifle innovation and limit access to new therapies.

Bad for Americans?

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Reuters reported that Alex Schriver, the leading drug industry lobbying group's spokesperson for the Pharmaceutical Research and Manufacturers of America, told the news outlet, "Government price setting in any form is bad for American patients."

Trump attempted to low prices in 2020 but failed

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NBC News highlights that this is not the first time Trump has proposed pegging US drug prices to international rates. In 2020, his administration attempted a similar move, but it was blocked by a federal court before it could be implemented.

Massive savings for taxpayers seems like a great benefit

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The Department of Health and Human Services estimated that the plan would save American taxpayers over $85 billion over seven years, targeting a pharmaceutical market that currently exceeds $400 billion annually.

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