President Donald Trump announced on Monday that the U.S. signed an executive order to implement what the administration calls “the most favorite country’s drug pricing” and “no longer tolerate profits and prices of large pharmaceutical companies.”
"The principle is simple - the lowest price other developed countries pay for drugs, and that's what Americans are going to pay," Trump said at the White House. "Some prescription drugs and drug prices will be reduced by 50% to 80% to 90% almost immediately."
"From today on the rise, the United States will no longer subsidize health care abroad, and that's what we are doing. We are subsidizing health care for others, and a small portion of what these countries pay for us is to give us multiple payments and will no longer tolerate profits and prices of large medicines."
“Even if the U.S. is only 4% of the world’s population, pharmaceutical companies make more than two-thirds of their profits in the U.S. So, in the 4% of the population, most of the money in pharmaceutical companies make money. Most of their profits come from the U.S. This is not a good thing.”
Trump says he will reduce drug prices through executive order
U.S. President Donald Trump in Health and Human Services Secretary Robert F. Kennedy Jr. (Andrew Harnik/Getty Images)
“By the way, I think I have a lot of respect for these companies and the people who run them. I do, and I think they have done one of the greatest jobs in history for their companies, which is convincing that people have been a fair system for years. No one really understands why is why, but I have figured it out. Said. “No more, they are no more.” ”
The White House said the executive order “instructs the U.S. Trade Representative and Commerce Secretary to take action to ensure that foreign countries are not engaging in practices that aim and unfairly lower market prices and drive higher U.S. prices.
"The order directs the government to communicate price targets to drugmakers to determine that the United States is the world's largest buyer and funder of prescription drugs, and has obtained the best deal," the White House said.
"The Secretary of Health and Human Services will establish a mechanism by which U.S. patients can buy drugs directly from manufacturers sold to Americans at ``favorite countries' prices, bypassing middlemen," the White House added. "If drug manufacturers fail to offer the most popular national pricing, the order will direct the Secretary of Health and Human Services: (1) propose rules that impose the most tasteful national pricing; (2) take other aggressive measures to significantly reduce the cost of prescription drugs to U.S. consumers and ultimately reduce U.S. consumers and ultimately anti-competitive habits."
Robert F. Kennedy Jr., Secretary of Health and Human Services.
"I have a few kids who are Democrats and big fans of Bernie Sanders," he said. "We finally have a president who is willing to stand up for the American people." ”
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In July 2018, I took a drug on the belt at a mailing pharmacy warehouse in Florence, New Jersey. (AP/Julio Cortez)
Trump said this morning that drug prices will be "down 59%".
"This first foreign pricing plan is a bad thing for American patients," the U.S. Pharmaceutical Research and Manufacturer (PHRMA) trade group opposed the order.
"Imported foreign prices will cut billions of dollars from health insurance without guaranteeing it can help patients or improve their use of medicines," the organization's president Stephen UBL said in a statement to Fox News' digital digitalization. "This will harm the hundreds of billions of dollars our member companies plan to invest in the U.S. and make us more reliant on China to use innovative drugs."
President Donald Trump signs executive orders to the White House Oval Office in Washington, D.C. on January 20 (Anna Moneymaker/Getty Images)
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"To lower costs for Americans, we need to address the real reason our patients pay more for their medications. We are the only country in the world that makes PBMs, insurers and hospitals take up 50% of every drug spent on medications," UBL also said. "In fact, the price hikes at the 340B and the discounts and fees paid to middlemen in the U.S. are often more than the total cost of overseeing the medications. Giving patients more that money will reduce their medication costs and reduce the gap in European prices."
Greg Wehner of Fox News Digital contributed to the report.