President Donald Trump signed an executive order lowering drug prices in the country in a landmark move. The presidential decree is aimed at linking drug prices in the United States to those of other nations.
"My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries. The days of global freeriding at America's expense are over," Trump said.
The president signed an executive order that would require Medicare, the government healthcare program for seniors, to tie the prices it pays for drugs to those paid by other countries. Its implementation, however, was delayed as the administration sought to work out a solution with the industry.
Three other executive orders were signed in July, which were designed to reduce drug costs for consumers in a bid to highlight his commitment to cutting prescription prices before the Nov. 3 presidential election.
The orders ranged from relaxing drug importation rules to cutting Medicare payments to drugmakers, but experts said they were unlikely to take effect in the near term. Similar proposals by the Trump administration stalled amid industry pushback.