President Donald Trump began the work week touting lower costs across the U.S. economy.
The president took to his social media platform nearly 12 hours after saying he will be signing an executive order Monday to ensure the Americans pay the “lowest price anywhere in the world” for prescription drugs and pharmaceuticals.
“DRUG PRICES TO BE CUT BY 59%, PLUS! Gasoline, Energy, Groceries, and all other costs, DOWN. NO INFLATION!!! LOVE, DJT” Trump posted Monday morning on Truth Social.
On Sunday night, Trump wrote about his executive order.
“Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%. They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!” Trump said on Truth Social.
“I will be instituting a MOST FAVORED NATION’S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World.”
The order Trump is promising will direct the Department of Health and Human Services to tie what Medicare pays for medications administered in a doctor’s office to the lowest price paid by other countries.
His proposal would likely only impact certain drugs covered by Medicare and given in an office — think infusions that treat cancer, and other injectables. But it could potentially bring significant savings to the government.
A report by the first Trump administration found that the U.S. spends twice as much as some other countries in covering those drugs. Medicare Part B drug spending topped $33 billion in 2021.
In his first term, Trump finalized his “most favored nation” policy in late 2020 but it was blocked by federal courts and rescinded by then-President Joe Biden in 2021, CNN reported. The policy would have applied to Medicare payments for certain drugs administered in doctors’ offices.
The Associated Press contributed to this story
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