Latest news with #PharmaceuticalResearchandManufacturersofAmerica
Yahoo
13-05-2025
- Business
- Yahoo
Bernie Sanders backs effort to cut drug costs, urges stronger action
(NewsNation) — Sen. Bernie Sanders, I-Vt., has endorsed President Donald Trump's executive order directing drugmakers to lower prescription drug costs in the United States but has called for stronger action. Under the order issued Monday, drugmakers have 30 days to reduce prices or face new restrictions on how much the government will pay for medications. Sanders, a long-time advocate for lower drug prices, welcomed the move but called on Trump to support legislation he plans to introduce that would keep U.S. drug prices in line with those of other major countries. Trump's drug EO is 'a lot of bark, no bite': Former pharma exec In a statement, Sanders agreed that Americans pay more for prescription drugs than people in Europe and Canada. However, he said the problem isn't low prices in other countries but that the pharmaceutical industry is 'ripping off the American people' and making billions in profit off of those in need. Sanders also expressed skepticism about the effectiveness of Trump's order, suggesting the president likely knows it would not hold up in court. He challenged Trump to support reform through congressional action. 'If Republicans and Democrats come together on this legislation, we can get it passed in a few weeks,' Sanders said. Trump's order has been met with resistance from pharmaceutical companies and pharmacy benefit managers. Critics argue the plan amounts to government price controls and could hinder medical innovation. The Pharmaceutical Research and Manufacturers of America called the executive order 'a bad deal for American patients and workers.' It warned the plan would make the U.S. 'more reliant on China for innovative medicines.' Biotech industry advocates also warned shifting to Trump's 'most favored nation' pricing could prove to be devastating for medical innovation firms. House GOP unveils plan to raise debt limit by $4T Health Secretary Robert F. Kennedy Jr. is currently leading negotiations to bring U.S. prices more in line with countries like Canada, Germany and the U.K. While the White House estimates the plan could cut drug costs by 30 to 80%, any meaningful savings will likely take time. Legal challenges to the order are expected. Portions of the plan may require congressional approval, and drugmakers could sue. A similar effort during Trump's first term was struck down. Under former President Joe Biden, Medicare began negotiating drug prices last year, but the changes won't take effect until next year. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
RTÉ News
12-05-2025
- Health
- RTÉ News
Trump says he will cut drug prices by 59%
US President Donald Trump said he would cut prescription drug prices by 59%, but gave no further details about his plan to lower medicine costs ahead of a health-related event at the White House later today. "Drug prices to be cut by 59%", Mr Trump wrote in capital letters on his social media platform as global pharma shares traded lower this morning. In a post on Truth Social yesterday, the US president said he would sign the executive order this morning to pursue what is known as "most favoured nation" pricing or international reference pricing. The US pays the most in the world for many prescription drugs, often nearly triple that of other developed nations. Mr Trump has said he wants to close that spread, but has not publicly specified how and did not provide details in his post. "They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!" he said. "I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World," Mr Trump added. Drugmakers have been expecting an order that would focus on the Medicare health insurance programme, according to four drug industry lobbyists who said they had been briefed by the White House. Reuters previously reported such a policy was under consideration. The drugmakers expect the order to apply to a universe of drugs beyond those currently subject to negotiation under former president Joe Biden's Inflation Reduction Act. Because of that law, Medicare has negotiated prices for 10 drugs, with those prices due to be put in place next year. More medicines were set to be negotiated later this year. "Government price setting in any form is bad for American patients," Alex Schriver, a spokesperson for the top US drug company lobbying group, the Pharmaceutical Research and Manufacturers of America, said in a statement when asked about Mr Trump's planned executive order. This is not the first time President Trump has tried to tie drug prices to what other countries pay. During his first term, a court blocked a proposed international reference pricing programme. That proposal five years ago was projected by his administration to save taxpayers more than $85 billion over seven years, cutting into US annual spending of over $400 billion on drugs.
Express Tribune
12-05-2025
- Business
- Express Tribune
Trump to sign order cutting US drug prices to match lowest global rates
US President Donald Trump said on Sunday he will sign an executive order to reduce the price of prescription drugs, aligning them with the lowest rates paid by other wealthy nations. Trump, in a post on Truth Social, announced that the order would be signed Monday morning and would enforce a 'most favoured nation' pricing model. Under the policy, the United States would pay no more for prescription drugs than the lowest-paying country worldwide. 'We will pay the same price as the nation that pays the lowest price anywhere in the world,' Trump wrote, calling the initiative a step toward 'fairness to America.' The US currently pays more than any other country for many prescription medications — often up to three times more than other developed nations. Trump did not provide full details of the plan or how it would be implemented. Photo: Trump post about the major step in pharmaceutical industry Four pharmaceutical industry lobbyists told the media they had been briefed by the White House and expect the order to apply beyond the drugs covered under President Joe Biden's Inflation Reduction Act. That law initiated the first-ever price negotiations for 10 drugs under Medicare, set to take effect next year. More medicines are scheduled for negotiation later in 2025. 'Government price setting in any form is bad for American patients,' said Alex Schriver, spokesperson for the Pharmaceutical Research and Manufacturers of America, the leading drug industry lobbying group. This is not Trump's first attempt to implement international reference pricing. A similar proposal in his first term was blocked in court. At the time, the policy was expected to save US taxpayers more than $85 billion over seven years. The US government currently spends over $400 billion annually on prescription drugs.
The Herald Scotland
12-05-2025
- Health
- The Herald Scotland
Trump to sign executive order seeking to reduce drug prices
Full details of the order, which drew immediate resistance from the pharmaceutical industry, were unclear. "I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World," Trump said in a post on Truth Social. "Our Country will finally be treated fairly, and our citizens Healthcare Costs will be reduced by numbers never even thought of before." U.S. healthcare system: Trump administration drops Biden plan for Medicare to cover weight-loss drugs Drug prices in the United States are nearly three times higher than 33 comparison countries, according to a 2024 report from the Health and Human Services department. About 67 million Americans are enrolled in Medicare. Drugmakers expect the order to apply to a universe of drugs beyond the 10 subject to Medicare's negotiated prices under Biden's Inflation Reduction Act. The lowered prices from the Biden-era law are set to go into effect in 2026. 'Government price setting in any form is bad for American patients' Trump unveiled a "most favored nation" drug pricing rule in 2020, the final year of his first term, but the measure was rescinded after President Joe Biden was elected. Critics of the "most favored nation" concept argue that drug companies could game the system by securing deals with foreign governments for rebates to maintain current drug pricing in the United States. Others say it could stifle innovation in medicine if the pharmaceutical industry loses profits. "Government price setting in any form is bad for American patients," Alex Schriver, a spokesperson for the Pharmaceutical Research and Manufacturers of America, the top lobbying arm of the drug industry, said in a statement when asked about Trump's planned executive order. Price hikes: Drugmakers to raise US prices on over 250 medicines starting Jan. 1 Trump has teased the drug pricing announcement for days, hinting at a "very big announcement" before he departs May 12 for a trip to the Middle East with stops in Saudi Arabia, Qatar, and the United Arab Emirates. "As big as it gets," he said. Shortly before announcing his plans to sign the executive order, Trump wrote on Truth Social: "My next TRUTH will be one of the most important and impactful I have ever issued." Contributing: Reuters. Reach Joey Garrison on X @joeygarrison.
Business Recorder
12-05-2025
- Business
- Business Recorder
Trump to sign executive order to cut prices of medicine to match other countries
WASHINGTON: US President Donald Trump said on Sunday he would sign an executive order to cut prescription prices to the level paid by other high-income countries, an amount he put at 30% to 80% less. In a post on Truth Social, Trump said he would sign the executive order on Monday morning to pursue what is known as 'most favored nation' pricing or international reference pricing. The US pays the most in the world for many prescription drugs, often nearly triple that of other developed nations. Trump has said he wants to close that spread, but has not publicly specified how and did not provide details in his post. 'They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!' he said. 'I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World,' Trump added. Drugmakers have been expecting an order that would focus on the Medicare health insurance program, according to four drug industry lobbyists who said they had been briefed by the White House. Reuters previously reported such a policy was under consideration. The drugmakers expect the order to apply to a universe of drugs beyond those currently subject to negotiation under former President Joe Biden's Inflation Reduction Act. Price deregulation improves access to medicines, helps stabilise industry Because of that law, Medicare has negotiated prices for 10 drugs, with those prices due to be put in place next year. More medicines were set to be negotiated later this year. 'Government price setting in any form is bad for American patients,' Alex Schriver, a spokesperson for the top U.S. drug company lobbying group, the Pharmaceutical Research and Manufacturers of America, said in a statement when asked about Trump's planned executive order. This is not the first time President Trump has tried to tie drug prices to what other countries pay. During Trump's first term, a court blocked a proposed international reference pricing program. That proposal five years ago was projected by his administration to save taxpayers more than $85 billion over seven years, cutting into U.S. annual spending of more than $400 billion on drugs.
