Investing.com-- President Donald Trump announced on Sunday that he would sign an executive order Monday morning to slash U.S. prescription drug prices by aligning them with the lowest prices paid globally.
Posting on Truth Social, Trump criticized pharmaceutical companies for decades of inflated pricing. He said the U.S. has long paid far more for prescription medicines than peer countries, with some treatments costing five to ten times more despite being manufactured by the same companies in the same facilities.
“Prescription Drug and Pharmaceutical (TADAWUL:2070) prices will be REDUCED, almost immediately, by 30% to 80%,” he wrote.
The order, Trump said, will implement a “Most Favored Nation” policy, compelling U.S. drug prices to match those of countries that pay the least for the same medications.
He claimed the move would save the country “TRILLIONS OF DOLLARS” and reduce healthcare costs for Americans by numbers never even considered.
Trump claimed that drug prices would increase across the globe to facilitate a decrease in U.S. prices, although he did not provide any details on how this would happen.
The U.S. President had in his first term also attempted to launch a drug pricing program based on international prices, although this was blocked by a court.