September 14, 2020

ANOTHER PROMISE KEPT: President Trump is Taking Action to Lower Drug Prices

President Trump is keeping another promise: lowering drug prices for American patients and seniors. His latest executive order on “most favored nation” drug pricing will tie the prices of the most expensive Medicare drugs to the lower price available in economically comparable nations. This move will help ensure American patients are no longer forced to pay drastically higher drug prices than those in other countries.

President Trump has pointed to the problem that “foreign nations often pay vastly less for the same exact drug – again, in the exact same box, from the exact same plant, from the exact same company,” forcing Americans to subsidize the foreign discounts by paying higher prices here at home. By signing this latest executive order, President Trump is changing that.

This is the fourth of four executive orders announced in July to help drive down drug prices for American patients and seniors. It’s the latest in a string of actions President Trump has taken to fight against special interests to bring down drug prices for Americans:

  • President Trump recently signed executive orders to allow for the importation of lower cost prescription drugs from abroad, ensuring patients see the value of discounts passed through to them at the pharmacy counter, and giving low-income Americans access to extremely low priced insulin and EpiPens at federally qualified health centers.
     
  • Under President Trump, the FDA continues to approve a record number of lower price generics, which saved patients $26 billion in the first 19 months of President Trump’s first term.
     
  • President Trump’s whole-of-government blueprint to help lower drug prices in 2018 helped prescription drugs have the largest annual price decrease in over half a century.
     
  • President Trump signed legislation to end gag clauses that prevented Americans from gaining access to savings at the pharmacy.
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