Donald Trump is set to sign an executive order on Monday aimed at reducing prescription drug prices in the U.S., aligning the country with the lower prices seen in other nations. Trump announced on Truth Social that the plan could result in a 59% price cut. This figure follows comments he made on Sunday, where he suggested that the new policy could lead to cuts ranging from 30% to 80%. The U.S. currently pays some of the highest drug prices in the world, often three times more than other developed countries.
During his first term, Trump attempted a similar move to lower drug prices but faced legal setbacks that blocked the initiative. Now, he’s focused on a “most favored nation” pricing model, which would push U.S. drug prices to match those in countries with the lowest rates. Meanwhile, a video of Trump speaking about big pharma companies have resurfaced on social media, where he can be seen saying, “….I have a lot of enemies out there. This may be the last time you see me for awhile. They are very rich enemies that are not happy with what I am doing.”
According to Reuters, the new order is expected to target Medicare, the federal program providing health insurance for people aged 65 and older, as well as those with disabilities. These sources believe the executive order will impact a wider range of drugs than the ones covered under President Joe Biden’s Inflation Reduction Act, which allows Medicare to negotiate prices for 10 specific drugs starting next year, with more drugs to follow. Trump’s previous attempt to implement international reference pricing during his first term was blocked in court, though it was estimated to save over $85 billion over seven years by reducing the U.S.’s annual spending on prescription drugs, which exceeds $400 billion.
” Most overlooked speech”
Internet swiftly reacted to the video, a user wrote, “This was one of Trump’s most important, and most overlooked, speeches given during his first term in office.” Another added, ” Once the history books are rewritten honestly, President Trump will be there next to Washington, Lincoln, and yes, Reagan too.” Echoing the sentiment, another user noted, “Trump just hogtied one of the biggest pigs in the monster barn! Slashing Big Pharma revenues BIGLY, will require massive restructuring, and not on Taxpayer$ back$. Trump made this previous statement, in front on 17 washing machine boxes….. money laundering with exorbitant prices? Expanding toxic interventions? March is a very busy month of Pharmaceutical events, with conferences on: pharmaceutical chemistry, vaccinology research, supply chain logistics, launch of new products, announcing R&D breakthroughs and to discuss industry trends. Trump just erased any significant profit margin they hoped to make, or kickbacks Providers hope to collect. MAHA WINS.” Another added, “Many in DC are gonna be out a lot of money! President Trump does what’s right for The American People! 🇺🇸❤️💵”