President Donald Trump says he will sign an executive order on Monday. They say that if implemented it could reduce the costs of some medications.
The order Trump is committed to instructing the Department of Health and Human Services to tie what medicines administered in the doctor’s office pays to the lowest prices paid by other countries.
“I will enact policies for the most preferred countries where the US pays the same price as the countries that pay the lowest prices in the world,” the president posted on a social media site on Sunday, pledging to sign an order at the White House on Monday morning.
“Our country will ultimately be treated fairly and citizens’ healthcare costs will be reduced by numbers that they have not even thought about before,” Trump added.
His proposal would likely be subject to Medicare and only affect certain drugs given in the office. Think of infusions that treat cancer and other injectables. But while that could bring significant savings to the government, it could be an exaggeration that “trillions of dollars” Trump boasts about in his post.
Medicare offers health insurance to approximately 70 million elderly Americans. Complaints about high US drug prices have long been driving the anger of both parties, compared to other large, wealthy countries, but the permanent revision has never wiped out Congress.
Under the planned order, the federal government will tie what it pays for these drugs to the price paid by other groups of economically developed countries, the so-called “most preferred countries” approaches.
The proposal will face fierce opposition from the pharmaceutical industry.
The rule was that Trump tried to hire during his first term but could never get over it. He signed a similar executive order in the final weeks of his presidency, but the court order later blocked the rules from being enacted under the Biden administration.
The pharmaceutical industry has argued that Trump’s 2020 attempt will give foreign governments a “dominance” in determining the value of US drugs. The industry has long argued that by forcing lower prices it will undermine profits and ultimately affect efforts to innovate and develop new drugs.
Medicare Part B medication only – doctor’s office visit insurance – may be subject to the plan. Medicare beneficiaries are responsible for picking up some of the costs of taking those medications during doctor visits, and for traditional Medicare enrollees, there is no annual out-of-pocket cap on what they pay.
President Donald Trump held a rally in Michigan on Tuesday night to commemorate the first 100 days of his second term.
Reports by the Trump administration during its first term found that the US is spending twice as much as several other countries to cover these drugs. Medicare Part B’s drug spending exceeded $33 billion in 2021.
More common prescription drugs filled at the pharmacy will probably not be covered by new orders.
Trump’s post officially previewed the action after he mocked “a very big announcement” last week. He gave no details except to note that it was not related to trade or the tariffs he announced he would impose on much of the world.
“We are going to make a very big announcement.
He was caught up in his first term in which drug companies accused them of “running in a murder” and complained that other countries where the government has set drug prices are using Americans.
On Sunday, Trump once again targeted the industry, writing, “For years, it’s the cost of research and development, and all of these costs will be borne by American “suckers” for no reason.”
Referring to the strong lobbying of the pharmaceutical company, he said the campaign’s contributions “can be surprised not with the Republicans, but with me.”
“We’re going to do the right thing,” he wrote.
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