Washington May 13 — Former U.S. President Donald Trump said on Sunday he would sign an executive order to significantly cut prescription drug prices, pledging to align U.S. costs with the lowest prices paid by other wealthy nations.
In a post on his Truth Social platform, Trump said the order, which he plans to sign on Monday, would implement a “Most Favored Nation” pricing policy. The measure would direct the Department of Health and Human Services to ensure Medicare pays no more for doctor-administered medications than the lowest price available internationally.
“Our Country will finally be treated fairly, and our citizens’ Healthcare Costs will be reduced by numbers never even thought of before,” Trump wrote.
The move marks a renewed push to address a longstanding bipartisan concern about disproportionately high drug costs in the United States. American consumers often pay up to three times more for prescription medicines compared to patients in other developed countries.
Trump said the new pricing model could reduce drug costs by between 30% and 80%, although he did not specify which drugs would be affected or how the policy would be implemented.
According to a Reuters report, pharmaceutical companies were bracing for a sweeping order that could apply to a broad range of medications covered under Medicare, the federal health insurance program that serves around 70 million older Americans. Industry executives expect the plan to go beyond the more limited pricing negotiations currently allowed under President Joe Biden’s Inflation Reduction Act.
While both Republican and Democratic lawmakers have expressed frustration over high pharmaceutical prices, previous attempts to legislate price caps or reforms have consistently stalled in Congress. Trump’s executive action would bypass legislative gridlock and escalate government efforts to curb healthcare costs, though it is likely to face legal challenges from drugmakers and pushback from industry groups.
The pharmaceutical industry has long opposed international reference pricing, arguing it could stifle innovation and limit patient access to new therapies. Trump’s announcement comes amid broader Republican efforts to contrast their healthcare agenda with the Biden administration’s policies ahead of the 2024 election.
