Washington– President Donald Trump has signed an executive order aimed at reducing the cost of prescription drugs in the United States by compelling pharmaceutical companies to offer prices comparable to those charged in other developed nations.
The executive order directs the administration to convey pricing targets to drug manufacturers, asserting that the United States—being the world’s largest buyer and funder of prescription drugs—should receive the best possible deal.
Under the directive, Health and Human Services Secretary Robert F. Kennedy Jr. will establish a system allowing American patients to purchase medications directly from manufacturers at a “Most-Favored-Nation” price, effectively bypassing intermediaries such as pharmacy benefit managers.
“We’re going to pay the lowest price there is in the world,” Trump told reporters at the White House on Monday before departing for the Middle East. “Whoever is paying the lowest price—that’s the price we’re going to get.”
According to the executive order, drugmakers who fail to align U.S. prices with those paid by other developed countries could face investigation. The order cites data showing that Americans pay more than three times the amount other members of the Organisation for Economic Co-operation and Development (OECD) pay for brand-name drugs—even after factoring in domestic discounts.
Although the U.S. comprises less than five percent of the global population, the order points out that it accounts for roughly 75 percent of worldwide pharmaceutical profits.
The move marks another effort by the Trump administration to reform the nation’s healthcare system by targeting high drug costs, which remain a major concern for American consumers. (Source: IANS)
