President Trump said Friday his administration is working on a “favored nations” order on prescription drugs, clearing the way for the U.S. to pay no more than the country with the lowest price. The president offered few details, though said he wants to make sure other nations don’t freeload on high prices charged to Americans. “For years and years, other nations paid less for drugs than we do. Sometimes by 60-70%,” Mr. Trump told White House reporters. “Why should other nations pay much less than us? They’ve taken advantage of the system for a long time, pharma [has]. “Whatever the lowest nation is, anywhere in the world … then what happens is we will pay that amount,” he said. “That’s being worked on right now. We’re going to do it in the form of an executive order.” Mr. Trump is frustrated with the high costs of medicines. He knows it’s a key concern for voters heading into the 2020 campaign, so he’s grasping for solutions. He’s stopped short of using Medicare’s authority to directly negotiate prices, though he’s shown interest in letting consumers import drugs from Canada. He’s also ordered drug companies to disclose their list prices in TV ads.
Trump teases ‘favored nations’ order on drug prices
President Trump said Friday his administration is working on a “favored nations” order on prescription drugs, clearing the way for the U.S. to pay no more than the country with the lowest price. The president offered few details, though said he wants to make sure other nations don’t freeload on high prices charged to Americans. “For years and years, other nations paid less for drugs than we do. Sometimes by 60-70%,” Mr. Trump told White House reporters. “Why should other nations pay much less than us? They’ve taken advantage of the system for a long time, pharma [has]. “Whatever the lowest nation is, anywhere in the world … then what happens is we will pay that amount,” he said. “That’s being worked on right now. We’re going to do it in the form of an executive order.” Mr. Trump is frustrated with the high costs of medicines. He knows it’s a key concern for voters heading into the 2020 campaign, so he’s grasping for solutions. He’s stopped short of using Medicare’s authority to directly negotiate prices, though he’s shown interest in letting consumers import drugs from Canada. He’s also ordered drug companies to disclose their list prices in TV ads.
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