US President Donald Trump signed an executive order on Tuesday to lower drug prices by allowing states to negotiate more freely overseas and streamlining the price negotiating process.
Americans have the world’s highest prescription medicine prices, forcing many consumers to pay largely out of cash despite already pricey insurance rates.
“This (order) will provide meaningful relief to seniors and low income individuals who depend on insulin and many, many more,” a White House official told reporters.
“Furthermore, it will foster a more competitive prescription drug market to ensure the prices being charged to patients and the government are more aligned with the value they provide, rather than some quirk in the way that the government pays for them.”
The decision orders the Food and Drug Administration (FDA), which oversees prescription and over-the-counter drugs, to allow additional states to import medicines directly from lower-cost countries.
Content retrieved from: https://www.firstpost.com/world/trump-signs-executive-order-to-slash-drug-prices-expand-state-import-options-13880261.html.
