Trump Unveils Plan to Slash Prescription Drug Prices by 30-80%

President Donald Trump announced on Sunday that he plans to sign an executive order on Monday to reduce prescription drug prices by 30-80% “almost immediately”. The order will introduce a “most favored nation’s policy” where the US will pay the same price for certain medications as the country that pays the lowest price. This move aims to bring fairness to America and significantly lower healthcare costs for citizens, potentially saving trillions of dollars.

The proposed order will likely impact Medicare Part B drugs administered in a doctor’s office, such as cancer treatments and injectables. Trump claims this policy will make the US a leader in affordable healthcare, but pharmaceutical companies are likely to oppose the plan, citing potential impacts on innovation and research. This isn’t the first time Trump has attempted to curb prescription drug prices; during his first term, he signed an executive order allowing the government to import cheaper prescription drugs from other countries and implemented a rule requiring pharmaceutical companies to disclose list prices in TV ads ¹ ².

The plan comes as no surprise, given Trump’s previous efforts to lower drug prices. Last month, he signed an executive order standardizing Medicare payments for prescription drugs, which could lower prices for patients by up to 60%. The order also takes steps to lower insulin prices for low-income patients or those who are uninsured to as little as 3 cents. With drug prices having risen significantly in recent years, Trump’s plan aims to address this issue and provide relief to millions of Americans.