President Trump took a victory lap after signing four executive orders aimed at reducing the cost of prescription drugs.
“Yesterday I signed four measures that will massively reduce the prices of prescription drugs, in many cases by more than 50%. Nothing like this has ever been done before because Big Pharma, with its great power, would not let it go, “Trump said in a tweet on Saturday.
“Expensive Insulin went from big dollars to virtual pennies. Epi-pens went from their incredibly high and high prices, to prices lower than their original gift bargains, “he continued.” The biggest price reductions in history by far! Nothing like this has had for our citizens, especially for our elders. REMEMBER YOUR FAVORITE PRESIDENT! ”
Most notable among the provisions is a new requirement that prohibits pharmaceutical companies from charging Medicare more than they charge other nations for the same drugs.
A large number of big pharmaceutical executives are expected to visit the White House on Tuesday to present their case, but Trump warned that the new rules will go into effect unless they agree to substantially cut drug prices.
“We foolishly and unbelievably assumed the full cost of all research and development,” Trump said at the signing ceremony. “Do you think the world looks at us and says, ‘Where the hell did these people come from?'”
Trump’s move became a rapid criticism of the industry. In a statement, the Pharmaceutical Care Administration Association warned that the orders “would dramatically increase Medicare premiums for America’s most vulnerable and elderly.”
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