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Sunday, March 3, 2024

Trump acts to cut prescription drug prices in US

President Donald Trump has signed four executive orders aimed at cutting prescription drug prices in the US.

“The four orders I’m signing today will completely restructure the prescription drug market,” said Mr Trump, who has long criticised “astronomical” prices.

The measures would allow discounts and import of cheaper drugs from abroad.

Mr Trump will meet pharmaceutical bosses on Tuesday, but some industry analysts have criticised the move, saying it would not have much effect.

“This administration has decided to pursue a radical and dangerous policy to set prices based on rates paid in countries that he [President Trump] has labelled as socialist, which will harm patients today and into the future,” Pharmaceutical Research and Manufacturers of America said in a statement.

It said Mr Trump’s move was “a reckless distraction that impedes our ability to respond to the current [coronavirus] pandemic – and those we could face in the future”.

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