Big Pharma loses $150 billion in executive order that will lower prescription drug costs by up to 30%

  • President Donald Trump signed four executive orders aimed at lowering the high cost of prescription drugs in the United States.
  • The orders would make sweeping changes to the prescription drug market in the U.S. if they are finalized.
  • Industry trade group PhRMA, the Pharmaceutical Research and Manufacturers of America, called them a “reckless distraction” to the Covid-19 pandemic.

 

President Donald Trump on Friday signed four executive orders aimed at lowering the high cost of prescription drugs in the United States in what would make sweeping changes to the prescription drug market in the U.S. if they are finalized.

Industry trade group PhRMA, the Pharmaceutical Research and Manufacturers of America, called them a “reckless distraction” to the Covid-19 pandemic. The orders, which are subject to the regulatory review process, are designed to bring U.S. drug prices at least on par with their costs overseas. Trump said Americans often pay 80% more for prescription drugs than Germany, Canada and other nations for some of the most expensive medicines.

“The four orders I’m signing today will completely restructure the prescription drug market in terms of pricing and everything else to make these medications affordable and accessible for all Americans,” Trump said at the White House. “Under my administration, we’re standing up to the lobbyists and special interests and fighting back against a rigged system.”

www.cnbc.com/2020/07/24/trump-announces-series-of-executive-orders-aimed-at-lowering-drug-costs.html