Trump earthquake hits drug pricing worldwide: Americans now to get fair deal
By Bob Unruh
Will give pharmaceutical prices to U.S. residents like those for other nations’ consumers
The economic earthquake that is known as President Donald Trump on Monday hit the pharmaceutical industry worldwide, and the end result will be that Americans soon will be paying the same for drugs as the best deal being offered to any customers worldwide.
No longer will Americans be paying four, five or even 10 times the price for the same drug that others around the world pay, he said.
It’s coming through an executive order and Trump plans for Congress to put it into the law.
It essentially will look at the best price paid for a drug by any customers around the world, and will make that same drug available at that same price to Americans.
For decades, Americans actually have been paying for literally all of the development, research and other costs of drugs.
Trump cited a friend who had pointed out that his treatment was costing him $88 while he was in London. But in New York, the same prescription cost him $1,300.
“We’ve been subsidizing countries around the world,” Trump said. He said the drug pricing now will have “fairness” for Americans.
He said some drug prices would be dropping almost immediately. At the close of an hour-long news conference, Trump signed the order.
The fairness comes after the Joe Biden administration left Americans paying some 70% higher prescription costs than they were paying in 2000.
Pharmaceutical companies have been getting two-thirds of their profits from Americans, which make up 4% of the world’s population.