Trump revives effort to lower drug costs with new Executive Order
U.S. President Donald Trump announced on Monday that he will sign an executive order aimed at reducing the costs of certain medications
The proposal targets specific drugs covered by Medicare and administered in medical offices, such as cancer treatments and other injectables
Trump wants to cut U.S. drug prices, so they match those abroad, accusing Europe of practices that force up prices
Canada produces an estimated US$3 billion in pharmaceuticals for the American market annually
U.S. President Donald Trump announced on Monday that he will sign an executive order aimed at reducing the costs of certain medications, reviving a failed initiative from his first term. The order directs the Department of Health and Human Services to tie Medicare payments for medications administered in a doctor's office to the lowest prices paid by other countries.
The proposal targets specific drugs covered by Medicare and administered in medical offices, such as cancer treatments and other injectables. Medicare, which provides health insurance for roughly 70 million older Americans, has long faced criticism for high drug prices compared to other wealthy nations.
Trump's 'most favoured nation' approach aims to align U.S. drug prices with those of economically advanced countries. This policy could impact drugs like bupropion, ibalizumab, and sotalol, which are primarily manufactured in Canada and exported to the U.S.
A research letter published in The Journal of the American Medical Association highlighted the potential impact of tariffs on Canadian pharmaceuticals. The letter identified hundreds of drugs made in Canada for the U.S. market, with dozens being predominantly manufactured in Canada.
Canada produces an estimated US$3 billion in pharmaceuticals for the American market annually. A proposed 25 per cent tariff on these drugs could add US$750 million in costs for buyers, potentially affecting pharmacies and consumers.
Trump's executive order represents a significant step in addressing the long-standing issue of high drug prices in the U.S., but its success will depend on the cooperation of pharmaceutical companies and the implementation of the 'most favored nation' pricing model
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