President Trump on Truth Social announced on Sunday that he would issue an executive order that will make the price of medical drugs and other pharmaceutical products sold in the United States and other countries throughout the world the same.
He noted that the prices of prescription medicines were much higher in the US, sometimes 10 times more expensive when compared to other countries, even when they were produced by the same company and from the same location.
While the reason for the huge disparity is that pharma companies allocate research and development costs of these medicines to the US alone, Trump says he is putting an end to it.
“We are going to do the right thing, something that the Democrats have fought for many years”, he says, taking a swipe at Biden’s lost administration after the failure of his 2020 policy. He then announced that he will sign an E.O. on Monday that will result in the effective reduction in the price of prescription drugs and other pharmaceutical products in the United States from 30% to as much as 80%.
The executive order, which Trump tagged as the most consequential in the history of the U.S., will result in the price of these medicines rising in other countries, bringing “fairness to America”.
With people in other countries buying medical drugs at the same price as it is sold in the United States, health care costs will be drastically reduced, he claimed, increasing the savings of the people and the nation in general.
However, it was not confirmed if the changes will apply to Medicare Part B, Medicare Part D, Medicaid, and some other US spending on drugs.
Trump’s plan was faulted by pharmaceutical companies, who claimed it could reduce research and development in medicine and also cause supply chain issues.
On the other hand, it is welcome news for US citizens who have been burdened for so long with the high cost of medical treatment. A 2022 poll concluded that over 3 in every 4 people living in the U.S. say prescription drugs were not affordable, almost one in every 3 people say they failed to take their doctor’s prescription because of the high cost, even as the Government spends over $1,000 per person for these drugs.
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