After a Delay, Trump Releases Executive Order on Drug Prices
On Sunday, several weeks after the original deadline Trump set for the pharmaceutical companies, the White House released an Executive Order on lowering drug prices.
The order calls for Medicare to pay the same price on prescription drugs as other developed countries. Also known as a "most favored nation" price.
Most nations pay much less for medications than the US. This is typically because their governments determine the costs. The GOP has historically opposed this type of approach as they say it goes against the "free market" system.
Said Trump in a tweet on Sunday, "Just signed a new Executive Order to LOWER DRUG PRICES! My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries."
"Just signed a new Executive Order to LOWER DRUG PRICES! My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries," - President Trump in a tweet on Sunday.
The order is one of four Executive Orders signed 7 weeks ago. At the time, pharmaceutical companies were given a 30 day deadline to come up with alternative options before the orders would go into effect. The deadline came and went a few weeks ago with no updates until today's release.
Once again, the measure, which is strongly opposed by pharmaceutical companies, allows the pharmaceutical companies one month to come up with a counter proposal.
Photo Credit: Steve Buissinne