Trump Announces Executive Orders to Reduce the Cost of Prescription Drugs
On Friday, President Donald Trump announced plans to sign four executive orders to lower the cost of prescription drugs, according to CNBC.
These executive orders will be required to undergo a rigorous regulatory review process but could bring the cost of US drugs down significantly. Trump stated that Americans pay 80 percent more for prescription drugs than Germany, Canada, and many other nations for prescriptions.
“The four orders I’m signing today will completely restructure the prescription drug market in terms of pricing and everything else to make these medications affordable and accessible for all Americans,” Trump said. “Under my administration, we’re standing up to the lobbyists and special interests and fighting back against a rigged system.”
- The first executive order seeks to reduce the cost of insulin and would require federal community health centers to pass discounts they receive on drugs and EpiPens to patients. President Trump believes these discounts shouldn't be taken by the providers while patients incur the “massive, full prices.”
- The second executive order would allow states, pharmacies, and wholesalers to import drugs from Canada. This could lead to significant cheaper prices for consumers since drugs are cheaper in Canda.
Trump has been vocal about his desire to lower the cost of drugs in the US. However, over the past year, the Trump administration has been forced to focus on the teen vaping epidemic and the coronavirus. Earlier this week, President Trump stated that the coronavirus will probably "get worse before it gets better" and recommended face masks to help slow the spread of the novel coronavirus.
The Pharmaceutical Research and Manufacturers of America, an industry trade group, believes that drug price increases have been modest and that the nation's rebate system is unfair.
Even though Trump has officially issued the executive orders, it could take months before the administration rolls them out.