Background on Donald Trump and His Relevance
Donald Trump, the former U.S. President, has been a prominent figure in American politics since the early 2010s. His business background and reality TV fame propelled him into the political arena, leading to his successful bid for the presidency in 2016. As President, Trump’s policies and actions significantly impacted various sectors, including healthcare. His recent announcement regarding drug prices reflects his ongoing commitment to addressing the high costs of prescription medications in the United States.
Trump’s Announcement of Drug Price Reduction
On Monday, former President Donald Trump announced that he will sign an executive order to slash the prices of prescription drugs by 59%. This announcement came a day after he unveiled a new policy on U.S. pharmaceutical products.
Executive Order Details
- Timing: Trump stated that he would sign the order at 9:00 AM (7:00 AM CDMX) on Monday.
- Price Range: Previously, Trump mentioned that he planned to sign an executive order reducing the prices of prescribed medications in the U.S. by nearly immediately, between 30% and 80%.
- Global Price Comparison: Trump intends to implement a “MORE FAVORED NATION” policy, setting U.S. drug prices at the lowest amount paid by any other country globally.
Previous Attempts to Lower Drug Prices
This is not the first time Trump has attempted to lower drug prices in the U.S. During his 2017-2021 presidency, he proposed a similar plan to reduce drug prices, but it faced strong opposition from the pharmaceutical industry.
Recent Action on Drug Pricing
Last month, the U.S. President signed a decree aiming to reduce drug prices by giving states more freedom to seek international offers and enhancing the negotiation process for prices.
Key Questions and Answers
- What is the “MORE FAVORED NATION” policy? It’s a World Trade Organization (WTO) rule designed to prevent discrimination between a country and its trading partners, aiming to equalize international trade conditions.
- Why did Trump’s previous attempts to lower drug prices fail? They faced strong opposition from the pharmaceutical industry, which successfully lobbied against these changes.
- What is the significance of Trump’s new executive order? The order aims to drastically reduce prescription drug prices in the U.S., aligning them with the lowest prices paid by other countries.
