Trump announces new executive orders intended to lower prescription drug prices

As his first term winds down, President Donald Trump continues to announce new efforts to fulfill his campaign promises.

He said during an event at the White House on Friday that he would sign four executive orders aimed at lowering the price of prescription drugs, as reported by Fox Business.

“Massive reduction in drug costs”

During a press briefing, Trump touted the “sweeping executive orders that will lead to a massive reduction in drug costs,” adding that the measures “will completely restore the prescription drug market in terms of prices.”

Each of the four orders attempt to lower drug prices for patients in different ways. The president refers to one, the “favored nations rule,” as the “granddaddy” of them all.

That provision “would require Medicare to purchase drugs at the same prices paid by foreign countries, which Trump said will prevent the U.S. from continuing to subsidize the cost of research and development for the entire world,” according to Fox.

By allowing international price negotiations with Medicare, the president’s goal is to reach a lower overall cost for U.S. consumers.

Another executive order contains a provision that would require drug companies to give rebates to patients receiving insulin and Epipens instead of passing discounts on to medical providers, as Trump maintains many do.

Signing ceremony expected in August

The third is designed to give patients more power to receive prescription drug discounts by bypassing pharmacies.

Finally, Trump signed an order allowing U.S. providers to import prescription drugs from countries including Canada, where many are available for a tremendously lower price.

While the executive orders are signed, Trump revealed that they would not take effect until the end of next month.

Over the next several weeks, those stakeholders potentially impacted by the new mandates will have an opportunity to adjust for their implementation.

While the orders still lack the signature needed for enforcement, the president seems clear that he intends to move forward with the plan. From the information available at this point, it appears that these orders could amount to another big win for the Trump administration — and the American people.

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