US President Donald Trump has announced plans to significantly lower the prices of prescription drugs and pharmaceutical products in the United States. In a social media post, Trump revealed that he would sign an executive order to reduce prices by 30 to 80 percent, making them more affordable for Americans. This move aims to bring fairness to the US pharmaceutical market, which has been criticized for its high prices compared to other countries.
The executive order, scheduled to be signed on Monday, is expected to be one of the most significant in US history. Trump had previously hinted at an “earth-shattering” announcement, which US media reported would relate to drug prices. The US currently lacks central government regulation for drug prices, leaving the pharmaceutical industry to dictate costs. As a result, many drugs in the US are priced higher than in other countries, making them unaffordable for some individuals.
Trump’s plan to lower drug prices is not his first attempt. During his first term in office, he proposed providing discounts on certain drugs, such as insulin and EpiPens, to low-income individuals and using international prices to pay for some Medicare-covered drugs. However, the proposal was met with legal and political opposition and was never implemented.
This time, Trump aims to reduce prices by adopting a “most favored nation” policy, where the US would pay the same price as the country with the lowest price for a particular drug. The move is expected to face resistance from pharmaceutical companies, which have significant influence over drug prices in the US.
The issue of drug regulation has been a central concern for Trump’s predecessor, Democrat Joe Biden. In 2022, Biden signed a major legislative package that authorized Medicare to negotiate certain drug prices, a move considered a milestone in efforts to make healthcare more affordable. Trump’s announcement has sparked debate, with the Republican suggesting that Democrats have opposed efforts to lower drug prices. As the details of the executive order become clearer, it remains to be seen how the plan will be implemented and what impact it will have on the US pharmaceutical market.
