UNITED States President Donald Trump has announced his intention to sign an executive order aimed at significantly reducing the prices of prescription drugs in the United States.
In a statement on Sunday, May 11, via its TruthSocial handle, Trump said the move would lower drug prices between 30 per cent and 80 per cent, addressing what he described as a long-standing disparity in global medication costs.
Trump criticised the high cost of prescription drugs in the United States compared to other countries, noting that medications produced in the same laboratories and by the same companies are often five to ten times more expensive for Americans.
“For many years, the world has wondered why prescription drugs and pharmaceuticals in the United States States of America were so much higher in price than they were in any other nation, sometimes being five to ten times more expensive than the same drug manufactured in the exact same laboratory or plant, by the same company??? It was always difficult to explain and very embarrassing because, in fact, there was no correct or rightful answer.
“The pharmaceutical/drug companies would say, for years, that it was research and development costs, and that all of these costs were, and would be, for no reason whatsoever, borne by the ‘suckers’ of America, ALONE. Campaign contributions can do wonders, but not with me, and not with the Republican Party. We are going to do the right thing, something that the Democrats have fought for many years,” Trump added.
The executive order, according to Trump, will be signed at the White House at 9:00 A.M. (around 2 PM West Africa Time) on Monday, May 12.
He promised that the price reduction would take effect “almost immediately,” adding that drug prices might rise globally as part of the equalisation process.
“I will be instituting a most-favoured-nation policy whereby the United States will pay the same price as the nation that pays the lowest price anywhere in the world. Our country will finally be treated fairly, and our citizens’ healthcare costs will be reduced by numbers never even thought of before. Additionally, on top of everything else, the United States will save trillions of dollars. Thank you for your attention to this matter. Make America great again!,” he added.
The executive order came after Trump had previously signed an order that rescinded former President Joe Biden’s executive order that lowered the cost of prescription drugs.
In April, the US president also signed another order directing the Department of Health and Human Services (HHS) to reduce drug costs through competition and market mechanisms rather than presidential directives.
The directive followed the Trump administration’s plan to impose tariffs on pharmaceutical imports, which were previously exempt from such levies introduced during the president’s first term.
These tariffs could worsen shortages of certain drugs, especially generic medications, and potentially drive up prices.
Usman Mustapha is a solution journalist with International Centre for Investigative Reporting. You can easily reach him via: umustapha@icirnigeria.com. He tweets @UsmanMustapha_M