The president said on Sunday that he plans to sign an executive order that would “immediately” reduce the price of prescription drugs in the United States by 30% to 80%.
He added that he would sign an executive order that would take effect at 9:00 a.m. Monday (1300 GMT).
Trump said he plans to develop a “favorite country” policy that will fix the cost of drugs sold in the United States at the lowest price other countries pay for the same drug.
He added that lower prescription drug costs in the United States will balance with higher costs in other countries. The “most popular country” status is a World Trade Organization rule designed to prevent discrimination between a country and its trading partners, thereby escalating the competitive environment for international trade. This is not the first time Trump has tried to lower the price of U.S. drugs.
During his first 2017-2021 term, he announced a similar proposal to lower U.S. drug prices, but his plan failed in the face of strong opposition from the pharmaceutical industry.
Last month, the U.S. president signed an executive order aimed at lowering drug prices by giving states more room to bargain abroad and improve the process of price negotiations.
