Pres. Trump signs EO on prescription drug prices
Executive order lacks enforcement details.
WASHINGTON (Gray DC) - President Donald Trump on Monday signed an executive order aimed at cutting the cost of prescription drugs in America.
Americans pay significantly more for prescription drugs than citizens in any other country in the world. President Donald Trump is hoping to level that playing field with an executive order that he says could bring down costs of some medications.
In the Roosevelt Room at the White House, the president announced that he’s taking action to slash drug costs. The order sets a 30-day deadline for drug companies to lower prices or face new limits on what the federal government will pay
“So, for the first time in many years, we’ll slash the cost of prescription drugs and we will bring fairness to America. Drug prices will come down by much more.”
The president’s executive order takes aim at many European nations, which have more power to negotiate down drug prices with America’s pharmaceutical companies. Most European nations have national health services and universal health insurance. That means prescription drugs often costs two or three times more in the U.S.
“But starting today, the United States will no longer subsidize the health care of foreign countries, which is what we would do if we’re subsidizing others health care countries where they pay a small fraction of what for the same drug that what we pay many, many times more for and will no longer tolerate profiteering and price gouging from big pharma.”
The order does not list which medications will face price reductions
Nor does it address the costs for Americans who carry private health care insurance. The primary focus appears to be on government purchase costs for Medicare and Medicaid.
Despite the lack of details, President tTump boasts that his executive order could save trillions of dollars.
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