resident Donald Trump
on Sunday announced his signing of an executive order on drug pricing.
“Just signed a new Executive Order to LOWER DRUG PRICES! My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries,” Trump wrote on Twitter. “The days of global freeriding at America’s expense are over, and prices are coming down FAST! Also just ended all rebates to middlemen, further reducing prices.”
The president has made it a campaign slogan that he will take on big pharmaceutical companies, rejecting advertisement campaigns from drug companies in the midst of his efforts to lower prices.
The Favored Nation order entails forcing drug companies to give Americans the best prices on pharmaceuticals.
The president did not elaborate more on the executive order.
Trump has often called for lowering the cost of prescription drugs. Congress hasn’t yet passed a major drug price reform measure.
Trump took executive action in late July on drug prices that included discounts on insulin and EpiPens for hospitals, which would be passed down to patients, allowing the United States to allow the legal importation of prescription drugs from Canada and other countries where prices are lower, and a Medicare program will be required to purchase drugs at the same price that other countries pay.
At the time, he also gave a one-month ultimatum for drugmakers to propose alternative plans to reduce drug prices, adding that his administration would place a cap on American drug prices if he is not satisfied.
“These providers should not be receiving discounts for themselves while charging their poorest patients massive, full prices,” Trump said. “Under this order, the price of insulin for affected patients will come down to just pennies a day from numbers that you weren’t even able to think about. It’s a massive cost savings.”