Trump Takes a Sledgehammer to Big Pharma: Executive Order Slashes Drug Prices Up to 80%
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President Donald Trump has announced a major new executive order that slashes pharmaceutical companies’ prescription drug prices in America.
In an announcement Sunday evening, the president revealed that his order will dramatically reduce prices with immediate effect.
In a statement on social media, Trump confirmed that he will sign the order on Monday morning before he leaves for his Middle East trip.
In a post on Truth Social, Trump wrote:
“For many years the World has wondered why Prescription Drugs and Pharmaceuticals in the United States States of America were SO MUCH HIGHER IN PRICE THAN THEY WERE IN ANY OTHER NATION, SOMETIMES BEING FIVE TO TEN TIMES MORE EXPENSIVE THAN THE SAME DRUG, MANUFACTURED IN THE EXACT SAME LABORATORY OR PLANT, BY THE SAME COMPANY???
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“It was always difficult to explain and very embarrassing because, in fact, there was no correct or rightful answer.
“The Pharmaceutical/Drug Companies would say, for years, that it was Research and Development Costs, and that all of these costs were, and would be, for no reason whatsoever, borne by the ‘suckers’ of America, ALONE.
“Campaign Contributions can do wonders, but not with me, and not with the Republican Party,” Trump declared.
“We are going to do the right thing, something that the Democrats have fought for many years.
“Therefore, I am pleased to announce that Tomorrow morning, in the White House, at 9:00 A.M., I will be signing one of the most consequential Executive Orders in our Country’s history.
“Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%.
“They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!
“I will be instituting a MOST FAVORED NATION’S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World.
“Our Country will finally be treated fairly, and our citizens’ Healthcare Costs will be reduced by numbers never even thought of before.
“Additionally, on top of everything else, the United States will save TRILLIONS OF DOLLARS,” the president revealed.
“Thank you for your attention to this matter.
“MAKE AMERICA GREAT AGAIN!”
The key to Trump’s plan is ensuring that Americans don’t pay more than foreign countries for drugs produced by U.S. pharmaceutical companies.
Drugs produced by U.S. pharmaceutical companies are frequently priced far lower overseas.
In his statement, Trump rejected what he contended was the argument from drug companies that research and development costs had to be borne by U.S. consumers.
He noted that the manufacturers were making “suckers” of Americans.
Drugmakers claim that actions like Trump’s executive order will reduce incentives to develop new drugs and are harmful in the long run.
In a statement to Reuters when asked about Trump’s planned executive order, Alex Schriver, a spokesperson for the Pharmaceutical Research and Manufacturers of America—known as PhRMA—said:
“Government price setting in any form is bad for American patients.”
However, drugmakers’ practice of hiking up prices for Americans has long had an impact on patients.
Trump asserts that he’s able to take this action while others won’t because he is immune to the political effects of pharmaceutical company campaign donations.
Source: https://slaynews.com/news/trump-takes-sledgehammer-big-pharma-executive-order-slashes-prices/
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