President Donald Trump has announced an executive order aimed at reducing prescription drug costs for Americans.
This sweeping action is expected to lower drug prices by as much as 80%, with some reductions implemented immediately.
At a press conference, Trump called this executive order one of the “most consequential” in U.S. history.
Details of the Executive Order
President Trump revealed that the new executive order would cut prescription drug prices by between 59% and 80%, or “even 90%.”
He emphasized that the United States would no longer tolerate profiteering and price gouging from the pharmaceutical industry, referring to the practices of “Big Pharma.”
The White House has yet to specify which medications will be subject to the new pricing measures.
Global Impact and Price Comparisons
Trump further explained that the U.S. would no longer pay more for prescription drugs than any other developed nation.
The country will align its pricing to the lowest price paid by any other developed nation for the same medications.
Current Issues with Prescription Drug Costs
According to President Trump, Americans are currently paying 70% more for prescription drugs than they did in 2000.
He added that Americans are paying roughly three times more than people in some other developed countries.
More than a third of U.S. consumers cannot afford quality medical care, according to a survey conducted by Gallup and West Health and published in April.
Reactions and Support from Mark Cuban
Trump teased the announcement in a Truth Social post on Sunday night, calling it one of the “most consequential” executive orders in American history.
This sparked a response from Mark Cuban, who in 2022 launched Cost Plug Drugs, an online pharmacy that offers lower-cost medications than Big Pharma.
Cuban expressed his support for the executive order, stating that it could save hundreds of billions of dollars.
He highlighted six ways the executive order could help consumers save money, concluding his message with, “Put me in coach! I’m here to help.”
Trump’s Track Record with Executive Orders
President Trump has signed more than 140 executive orders during his second term.
Notably, 100 of those were signed within the first 100 days of his presidency.
Conclusion
With this new executive order, President Trump aims to make prescription drugs more affordable for Americans, targeting Big Pharma’s pricing practices and bringing U.S. costs in line with those in other developed nations.
The announcement has received support from figures like Mark Cuban, who see the potential for significant savings.