President Trump vowed to carry “FAIRNESS TO AMERICA!” by deeply slashing prescription drug costs by means of an govt order he plans to signal Monday morning.
Trump promised to implement what he referred to as “most favored nation” pricing, which might lower pharmaceutical and prescription drug costs “almost immediately, by 30% to 80%,” he introduced in a Fact Social submit Sunday night time.
“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,” he added.
The US spends $400 billion on prescribed drugs yearly — typically triple what different nations spend and usually greater than some other nation.
Trump mentioned he desires to do away with the hole. He didn’t provide any particulars in his announcement — which he teased beforehand as “one of the most important and impactful” Truths he ever posted — however promised to ship them in his govt order Monday morning.
“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???” he wrote. “It was always difficult to explain and very embarrassing because, in fact, there was no correct or rightful answer.”
Along with his announcement, the commander in chief is revisiting an identical proposal that he tried to implement throughout his first administration, that was blocked by federal courts after which rescinded by the Biden administration.
On the time, the courts famous that Medicare was barred from negotiating drug costs. Nevertheless, the authorized roadblock was eliminated in 2022 with the passage of the Democrats’ Inflation Discount Act, which gave Medicare the facility to discount over costs for a small variety of medicine.
Trump’s first-term coverage would have tied what Medicare pays for sure medicine prescribed in a physician’s workplace to the bottom value paid amongst a peer group of economically superior nations. The opposite nations within the peer group don’t pay the identical steep quantity that the US does for drugs as a result of their governments set the price.
It might have saved $85 billion over seven years, in response to the administration.
If the brand new coverage is much like the 2020 proposal, then it may additionally restrict sufferers’ entry to drugs, consultants informed CNN. Entry will probably be decided by how the coverage is structured.
The pharmaceutical business is predicted to fiercely struggle in opposition to the brand new coverage.
