President Donald Trump announced on Sunday that he plans to sign an executive order on Monday aimed at reducing prescription drug prices, potentially cutting prices by up to 80%.
Key Details of the Executive Order
- Most Favoured Nation Policy: The order will adopt a "Most Favoured Nation" policy, meaning the US will pay the same price for drugs as other countries worldwide.
- Political Context: This announcement comes amid increasing pressure from both Democrats and some Republicans to address high drug costs, which is expected to be a significant focus in the 2024 presidential campaign.
Implementation and Legislative Concerns
- The White House has not provided specific details on the changes or their implementation.
- It remains unclear whether Congress will need to approve any changes or if the executive order can stand alone without legislative backing.
Pharmaceutical Industry Response
- Pharmaceutical companies argue that they cannot lower prices due to high research and development costs, which can reach billions for new treatments.
- They also point out that many countries have price controls that limit drug prices.
Expert Opinions
- Many experts believe there are ways for companies to lower prices without compromising quality or innovation.
- Suggestions include:
- Allowing Medicare and other government programs (like Medicaid and Veterans Affairs) to negotiate drug prices, which could lead to quicker cost reductions than an executive order alone.
- Proposals to allow imports of cheaper prescription drugs from Canada or other countries where prices are lower due to better negotiation deals with pharmaceutical companies.
Previous Efforts and Current Developments
- Trump has previously called for importing cheaper prescription drugs but has not fulfilled this promise despite repeated commitments during his presidency.
- A senior administration official indicated that Trump decided against including import language in the executive order after concerns were raised about potential safety risks associated with imported medicines.
- It is uncertain whether Congress will attempt to address drug pricing again this year, following last year’s failure to pass legislation that aimed to lower out-of-pocket expenses for seniors while maintaining the prohibition on Medicare negotiating directly with pharmaceutical manufacturers.
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