Trump promises to cut prescription medicine prices by 59% as stocks fall
Trump claims he will reduce prescription drug prices by 59% as stock prices decline. The US President announced intentions to reduce prescription drug prices by 59 per cent, yet did not provide additional specifics regarding his strategy to decrease medicine costs prior to a health-focused event at the White House later on Monday.
On Sunday, Trump announced his intention to sign an executive order aimed at implementing what is referred to as “most favored nation” pricing or international reference pricing. The Republican president had previously sought to implement such a program during his initial term in office, yet faced obstruction from the courts. “Drug prices to be cut by 59 per cent” Trump wrote on Monday in capital letters on his social media platform as global pharma shares traded lower. Shares of U.S. drugmakers experienced a decline ranging from 2 per cent to 3 per cent in response to his comments over the weekend, preceding Trump’s latest post on Monday morning.
Trump is set to host an event at the White House with U.S. Health Secretary Robert F. Kennedy Jr at 9:30 am. According to four drug industry lobbyists briefed by the White House, drugmakers have been anticipating an order that targets the federal Medicare health insurance program, which serves individuals aged 65 and older as well as the disabled. The United States incurs the highest costs for prescription medications, frequently approaching three times the amount paid by other developed countries. Trump has committed to bridging the divide, yet he has not specified the methods by which he intends to achieve this goal.
