Acting on a campaign promise to lower prescription drug prices, President Trump signed an executive order on Sunday aiming to lower drug prices in the US by tying them to those of other developed nations. Specifically, the measure would limit the amount Medicare pays for a drug to that of the lowest price paid among wealthy foreign governments. Thanks to the corrupting influence of pharmaceutical industry lobbyists and their political allies, Medicare was previously prohibited from negotiating prices it pays to drugmakers.
“My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries. The days of global freeriding at America’s expense are over,” Trump said in a Twitter post. Read more here.
(Source: Reuters, September 13, 2020)