Friday, 25 Sep 2020

Trump signs new executive order to lower drug prices

WASHINGTON (REUTERS) – US President Donald Trump said on Sunday (Sept 13) he had signed a new executive order aimed at lowering drug prices in the United States by linking them to those of other nations.

“My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries. The days of global freeriding at America’s expense are over,” Trump said in a Twitter post.

The Republican president in July signed an executive order that, among other things, would require Medicare to tie the prices it pays for drugs to those paid by other countries.

Its implementation, however, was delayed as the administration sought to work out a solution with the industry.

It was not clear if Trump signed a new order or was referring to that document, which was also referred to as a most-favored-nation executive order.

Trump in July signed four executive orders designed to reduce drug costs for consumers in a bid to highlight his commitment to cutting prescription prices before the Nov 3 presidential election.

The orders ranged from relaxing drug importation rules to cutting Medicare payments to drugmakers, but experts said they were unlikely to take effect in the near term.

Similar proposals by the Trump administration stalled amid industry pushback.

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