US President Donald Trump signed an executive order Monday that aims to cut prescription drug costs in the US by aligning what the government pays for certain medications with the prices paid in other countries. The order, experts say, is far more aggressive than the one during Trump&rsquo;s first term to cut drug costs, which was blocked by a federal judge and failed hence. Health policy experts feel the order will meet significant opposition from the drug industry. The new order directs Health and Human Services Secretary Robert F. Kennedy Jr. to come up with price-cutting goals within 30 days, White House officials said on Monday.&nbsp; The move will kick off a round of negotiations between the health secretary and the drug industry and if the talks fail, Kennedy will move to enforce the &ldquo;most favoured nation&rdquo; pricing model, capping the drug prices in the US at the lowest rates paid by other wealthy nations.
Also Read | <a href="https://www.wionews.com/india-news/trump-reacts-to-india-pakistan-ceasefire-agreement-operation-sindoor-nuclear-war-pahalgam-terror-attack-9061528">'Could have been a bad nuclear war': Trump reacts to India-Pakistan ceasefire agreement</a> Officials highlighted that this time the policy will not be limited to certain drugs under Medicare, as in the previous version, but will also target medications covered by Medicaid and private insurance. &ldquo;I&rsquo;m doing this for the American people,&rdquo; Trump said at the White House, discussing the executive order. &ldquo;I&rsquo;m doing this against the most powerful lobby in the world probably, the drug lobby.&rdquo;
The administration hasn&rsquo;t picked any specific class of drugs for price cuts, but officials said that drugs like Ozempic, Wegovy and Zepbound will also be included.
Also Read | <a href="https://www.wionews.com/india-news/operation-sindoor-we-demolished-global-universities-of-terrorism-at-bahawalpur-muridke-pm-modi-9061746">Operation Sindoor | &lsquo;We demolished global universities of terrorism at Bahawalpur, Muridke&rsquo;: PM Modi</a> Last month, the Trump administration rejected a Biden-era proposal for Medicare to cover weight loss drugs. The plan would have saved patients money but cost the government about $25 billion over 10 years. The Food and Drug Administration will also consider importing prescription drugs from countries besides Canada, where prices are often lower than in the US. The Department of Justice and the Federal Trade Commission will be directed to act against &ldquo;anti-competitive&rdquo; actions by drugmakers that keep drug prices high, said officials.
Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-air-force-struck-missile-site-at-malir-cantt-near-pakistans-port-city-of-karachi-9061396" rel="noopener" target="_blank">Indian Air Force struck missile site at Malir Cantt near Pakistan&rsquo;s port city of Karachi</a> Prescription drug prices are notoriously high in the US, which has less than 5% of the global population but accounts for nearly three-quarters of global pharmaceutical profits. Rand Corporation, a public policy think tank, says Americans pay up to 10 times more for medications than people in other similarly wealthy nations. Many experts back Trump&rsquo;s approach but doubt how the administration would pursue price reductions for drugs under private insurance.&nbsp; Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-downed-pakistani-mirage-jet-during-operation-sindoor-army-shares-proof-watch-9060787" rel="noopener" target="_blank">India downed Pakistani Mirage Jet during Operation Sindoor, Army shares proof | Watch</a> In a Truth Social post on Sunday, Trump claimed that prescription drug costs would be reduced &ldquo;almost immediately&rdquo; by 30% to 80% and that the US &ldquo;will pay the same price as the Nation that pays the lowest price anywhere in the World.&rdquo; In a follow-up post Monday, Trump said drug prices would be cut by 59%. At the White House later on Monday, Trump claimed drug prices would be reduced by 50% to 90%.

World: Prescription drug prices are notoriously high in the US, which has less than 5% of the global population but accounts for nearly three-quarters of global pharmaceutical profits.

US President Donald Trump signed an executive order Monday that aims to cut prescription drug costs in the US by aligning what the government pays for certain medications with the prices paid in other countries. The order, experts say, is far more aggressive than the one during Trump’s first term to cut drug costs, which was blocked by a federal judge and failed hence. Health policy experts feel the order will meet significant opposition from the drug industry. The new order directs Health and Human Services Secretary Robert F. Kennedy Jr. to come up with price-cutting goals within 30 days, White House officials said on Monday. The move will kick off a round of negotiations between the health secretary and the drug industry and if the talks fail, Kennedy will move to enforce the “most favoured nation” pricing model, capping the drug prices in the US at the lowest rates paid by other wealthy nations. Also Read | 'Could have been a bad nuclear war': Trump reacts to India-Pakistan ceasefire agreement Officials highlighted that this time the policy will not be limited to certain drugs under Medicare, as in the previous version, but will also target medications covered by Medicaid and private insurance. “I’m doing this for the American people,” Trump said at the White House, discussing the executive order. “I’m doing this against the most powerful lobby in the world probably, the drug lobby.” The administration hasn’t picked any specific class of drugs for price cuts, but officials said that drugs like Ozempic, Wegovy and Zepbound will also be included. Also Read | Operation Sindoor | ‘We demolished global universities of terrorism at Bahawalpur, Muridke’: PM Modi Last month, the Trump administration rejected a Biden-era proposal for Medicare to cover weight loss drugs. The plan would have saved patients money but cost the government about $25 billion over 10 years. The Food and Drug Administration will also consider importing prescription drugs from countries besides Canada, where prices are often lower than in the US. The Department of Justice and the Federal Trade Commission will be directed to act against “anti-competitive” actions by drugmakers that keep drug prices high, said officials. Also Read | Indian Air Force struck missile site at Malir Cantt near Pakistan’s port city of Karachi Prescription drug prices are notoriously high in the US, which has less than 5% of the global population but accounts for nearly three-quarters of global pharmaceutical profits. Rand Corporation, a public policy think tank, says Americans pay up to 10 times more for medications than people in other similarly wealthy nations. Many experts back Trump’s approach but doubt how the administration would pursue price reductions for drugs under private insurance. Also Read | India downed Pakistani Mirage Jet during Operation Sindoor, Army shares proof | Watch In a Truth Social post on Sunday, Trump claimed that prescription drug costs would be reduced “almost immediately” by 30% to 80% and that the US “will pay the same price as the Nation that pays the lowest price anywhere in the World.” In a follow-up post Monday, Trump said drug prices would be cut by 59%. At the White House later on Monday, Trump claimed drug prices would be reduced by 50% to 90%.

Trump signs executive order aiming to slash drug costs in US by 50%

The price of some medicines has risen almost tenfold in nigeria in the past few months, forcing patients to cut doses or turn to traditional alternatives.

Drug prices soar in Nigeria

When a powerful Democratic Senate chairman assembled his Special Committee on Aging to confront what he called a “crisis of affordability” for prescription drugs, he proposed a novel solution: allow the government to negotiate better deals for critical medications.

The year was 1989, and the idea from that chairman, former Sen. David Pryor of Arkansas, touched off a drive for government drug-price negotiations that has been embraced by two generations of Democrats and one Republican president, Donald Trump — but now appears at risk of being left out of a sprawling domestic policy bill taking shape in Congress.

Senior Democrats insist that they have not given up the push to grant Medicare broad powers to negotiate lower drug prices as part of a once-ambitious climate change and social safety net bill that is slowly shrinking in scope. They know that the loss of the provision, promoted by President Joe Biden on the campaign trail and in the White House, could be a particularly embarrassing defeat for the package, since it has been central to Democratic congressional campaigns for nearly three decades.

“Senate Democrats understand that after all the pledges, you’ve got to deliver,” said Sen. Ron Wyden, D-Ore., the chairman of the Finance Committee.

“It’s not dead,” declared Rep. Richard Neal, D-Mass., the chairman of the Ways and Means Committee.

But with at least three House Democrats opposing the toughest version of the measure, and at least one Senate Democrat, Kyrsten Sinema of Arizona, against it, government negotiating power appears almost certain to be curtailed, if not jettisoned. The loss would be akin to Republicans’ failure under Trump to repeal the Affordable Care Act, after solemn pledges for eight years to dismantle the health law “root and branch.”

And after so many campaign-trail promises, Democrats could be left next year with a lot of explaining to do.

“It would mean that the pharmaceutical industry, which has 1,500 paid lobbyists, the pharmaceutical industry, which made $50 billion in profits last year, the pharmaceutical industry, which pays its executives huge compensation packages, and which is spending hundreds of millions of dollars to defeat this legislation, will have won,” Sen. Bernie Sanders, I-Vt., the Budget Committee chairman, said Wednesday. “And I intend to not allow that to happen.”

It is not clear how Sanders can pull that off. The length of the fight speaks to the durability and popularity of the issue, but also the power of the pharmaceutical industry.

Pryor teed it up in the late 1980s, hoping to muscle through lower prices for Medicaid, with an eye on the bigger prize, Medicare. President Bill Clinton included government price negotiations in his universal health care plan in 1993, and throughout the 1990s, as Democrats pressed to add a prescription drug benefit for Medicare, government negotiations were central to holding the cost down.

Then in 2003, a Republican Congress and president, George W. Bush, secured passage of that drug benefit — but with an explicit prohibition on the government negotiating the price of medicines older Americans would purchase.

Repealing that so-called noninterference provision has been a centerpiece of Democratic campaigns ever since. Sen. Chris Van Hollen of Maryland, a former head of House Democrats’ campaign arm, recalled that “Medicare shall negotiate drug prices” was one of the six planks in the “Six for ’06” platform that helped the Democrats win control of the House in 2006.

It has passed the House numerous times, including in 2019 with yes votes from the three House members now opposing it — Reps. Kathleen Rice of New York, Scott Peters of California and Kurt Schrader of Oregon — only to die in the Senate. Even Trump adopted the effort in his 2016 campaign, only to see it go nowhere.

That futility is why Schrader said he opposed it: “Why do the same thing again and again and expect to have a different result?” he asked.

To proponents, defeat after defeat speaks solely to the power of the pharmaceutical industry and its attendant lobbyists.

But opponents say it reflects the complexity of the issue. Once lawmakers realize they could actually secure government price negotiations, they see how problematic that could be.

“If anyone thinks this is the easy political route for me, that’s just laughable,” said Peters, who has endured scorn and pressure from his Democratic colleagues but whose San Diego district includes almost 1,000 biotechnology companies and 68,000 jobs directly tied to pharmaceutical work.

Schrader and Peters said the House version of prescription drug price controls, tucked into the broader social policy legislation, would stifle innovation in one of the country’s most profitable global industries.

The Pharmaceutical Research and Manufacturers of America, known as PhRMA, also maintains that government negotiations would severely limit the types of prescription drugs that would be available to Medicare beneficiaries as companies withdraw their products from the program. With the goodwill the industry has accrued with its coronavirus vaccines and treatments, drug companies have pressed their case with key lawmakers, and roped in the larger business community.

American Action Network, a conservative group with business money, unveiled a new set of ads Wednesday targeting vulnerable Democrats such as Rep. Carolyn Bourdeaux of Georgia and decrying “another socialist health care plan to control what medicines you can get.”

“We are taking on the greed and the corruption of the pharmaceutical industry — I know their power, believe me, I know their power,” Sanders said. “But this is a fight we’ve got to win.”

Wyden insisted that any legislative effort to tackle rising drug costs must include government negotiating power, but alternatives are emerging.

Some simpler solutions would change the formula of the existing Medicare prescription drug benefit to limit out-of-pocket costs, especially in the event of a catastrophic health event.

Wyden is also pressing to enact legislation he drafted with Sen. Chuck Grassley, R-Iowa, that would force drugmakers to offer rebates to consumers on products whose prices rise faster than inflation. Grassley said he still supports the measure, as does Sen. Bob Menendez, D-N.J., a traditional ally of the pharmaceutical industry in his state.

Schrader and Peters said negotiations were progressing around their proposal, which would grant the government power to negotiate prices under Medicare Part B, which covers outpatient services and some of the most costly medications, once outpatient drugs like chemotherapy have outlived their patent exclusivity.

Their bill would also force rebates for drug prices rising faster than inflation, and limit out-of-pocket medication expenses for older Americans. That is projected to save the government $300 billion over 10 years, about half what the broader measure would save.

“Frankly, based on discussions we’ve had with the White House, senators and other members in our party, this could get done,” Schrader said. “That’d be huge.”

Ultimately, if any significant price controls survive, it will be the logic of the policy overcoming the power over the lobby, said Rep. Ron Kind, D-Wis., whose district is being hit with pharmaceutical industry advertising. Kind, an influential centrist, said he has been speaking with like-minded Democrats, trying to buck them up against the onslaught.

“Obviously, there’s some advertising,” he said. “But boy, public sentiment is overwhelming. They just don’t understand why the pharmaceutical industry is the only private industry the federal government’s refused to even discuss prices with.”

When a powerful Democratic Senate chairman assembled his Special Committee on Aging to confront what he called a “crisis of affordability” for prescription drugs, he proposed a novel solution: allow the government to negotiate better deals for critical medications.

When a powerful Democratic Senate chairman assembled his Special Committee on Aging to confront what he called a “crisis of affordability” for prescription drugs, he proposed a novel solution: allow the government to negotiate better deals for critical medications. The year was 1989, and the idea from that chairman, former Sen. David Pryor of Arkansas, touched off a drive for government drug-price negotiations that has been embraced by two generations of Democrats and one Republican president, Donald Trump — but now appears at risk of being left out of a sprawling domestic policy bill taking shape in Congress. Senior Democrats insist that they have not given up the push to grant Medicare broad powers to negotiate lower drug prices as part of a once-ambitious climate change and social safety net bill that is slowly shrinking in scope. They know that the loss of the provision, promoted by President Joe Biden on the campaign trail and in the White House, could be a particularly embarrassing defeat for the package, since it has been central to Democratic congressional campaigns for nearly three decades. “Senate Democrats understand that after all the pledges, you’ve got to deliver,” said Sen. Ron Wyden, D-Ore., the chairman of the Finance Committee. “It’s not dead,” declared Rep. Richard Neal, D-Mass., the chairman of the Ways and Means Committee. But with at least three House Democrats opposing the toughest version of the measure, and at least one Senate Democrat, Kyrsten Sinema of Arizona, against it, government negotiating power appears almost certain to be curtailed, if not jettisoned. The loss would be akin to Republicans’ failure under Trump to repeal the Affordable Care Act, after solemn pledges for eight years to dismantle the health law “root and branch.” And after so many campaign-trail promises, Democrats could be left next year with a lot of explaining to do. “It would mean that the pharmaceutical industry, which has 1,500 paid lobbyists, the pharmaceutical industry, which made $50 billion in profits last year, the pharmaceutical industry, which pays its executives huge compensation packages, and which is spending hundreds of millions of dollars to defeat this legislation, will have won,” Sen. Bernie Sanders, I-Vt., the Budget Committee chairman, said Wednesday. “And I intend to not allow that to happen.” It is not clear how Sanders can pull that off. The length of the fight speaks to the durability and popularity of the issue, but also the power of the pharmaceutical industry. Pryor teed it up in the late 1980s, hoping to muscle through lower prices for Medicaid, with an eye on the bigger prize, Medicare. President Bill Clinton included government price negotiations in his universal health care plan in 1993, and throughout the 1990s, as Democrats pressed to add a prescription drug benefit for Medicare, government negotiations were central to holding the cost down. Then in 2003, a Republican Congress and president, George W. Bush, secured passage of that drug benefit — but with an explicit prohibition on the government negotiating the price of medicines older Americans would purchase. Repealing that so-called noninterference provision has been a centerpiece of Democratic campaigns ever since. Sen. Chris Van Hollen of Maryland, a former head of House Democrats’ campaign arm, recalled that “Medicare shall negotiate drug prices” was one of the six planks in the “Six for ’06” platform that helped the Democrats win control of the House in 2006. It has passed the House numerous times, including in 2019 with yes votes from the three House members now opposing it — Reps. Kathleen Rice of New York, Scott Peters of California and Kurt Schrader of Oregon — only to die in the Senate. Even Trump adopted the effort in his 2016 campaign, only to see it go nowhere. That futility is why Schrader said he opposed it: “Why do the same thing again and again and expect to have a different result?” he asked. To proponents, defeat after defeat speaks solely to the power of the pharmaceutical industry and its attendant lobbyists. But opponents say it reflects the complexity of the issue. Once lawmakers realize they could actually secure government price negotiations, they see how problematic that could be. “If anyone thinks this is the easy political route for me, that’s just laughable,” said Peters, who has endured scorn and pressure from his Democratic colleagues but whose San Diego district includes almost 1,000 biotechnology companies and 68,000 jobs directly tied to pharmaceutical work. Schrader and Peters said the House version of prescription drug price controls, tucked into the broader social policy legislation, would stifle innovation in one of the country’s most profitable global industries. The Pharmaceutical Research and Manufacturers of America, known as PhRMA, also maintains that government negotiations would severely limit the types of prescription drugs that would be available to Medicare beneficiaries as companies withdraw their products from the program. With the goodwill the industry has accrued with its coronavirus vaccines and treatments, drug companies have pressed their case with key lawmakers, and roped in the larger business community. American Action Network, a conservative group with business money, unveiled a new set of ads Wednesday targeting vulnerable Democrats such as Rep. Carolyn Bourdeaux of Georgia and decrying “another socialist health care plan to control what medicines you can get.” “We are taking on the greed and the corruption of the pharmaceutical industry — I know their power, believe me, I know their power,” Sanders said. “But this is a fight we’ve got to win.” Wyden insisted that any legislative effort to tackle rising drug costs must include government negotiating power, but alternatives are emerging. Some simpler solutions would change the formula of the existing Medicare prescription drug benefit to limit out-of-pocket costs, especially in the event of a catastrophic health event. Wyden is also pressing to enact legislation he drafted with Sen. Chuck Grassley, R-Iowa, that would force drugmakers to offer rebates to consumers on products whose prices rise faster than inflation. Grassley said he still supports the measure, as does Sen. Bob Menendez, D-N.J., a traditional ally of the pharmaceutical industry in his state. Schrader and Peters said negotiations were progressing around their proposal, which would grant the government power to negotiate prices under Medicare Part B, which covers outpatient services and some of the most costly medications, once outpatient drugs like chemotherapy have outlived their patent exclusivity. Their bill would also force rebates for drug prices rising faster than inflation, and limit out-of-pocket medication expenses for older Americans. That is projected to save the government $300 billion over 10 years, about half what the broader measure would save. “Frankly, based on discussions we’ve had with the White House, senators and other members in our party, this could get done,” Schrader said. “That’d be huge.” Ultimately, if any significant price controls survive, it will be the logic of the policy overcoming the power over the lobby, said Rep. Ron Kind, D-Wis., whose district is being hit with pharmaceutical industry advertising. Kind, an influential centrist, said he has been speaking with like-minded Democrats, trying to buck them up against the onslaught. “Obviously, there’s some advertising,” he said. “But boy, public sentiment is overwhelming. They just don’t understand why the pharmaceutical industry is the only private industry the federal government’s refused to even discuss prices with.”

A 30-Year campaign to control drug prices faces yet another failure

Drugmakers, including Pfizer, Sanofi SA, and others are mulling over plans to hike prices of more than 300 drugs in the US on January 1, a report based on drugmakers and data analysed by medical research firm 3 Axis Advisors.

The increase in prices so far has been 10 per cent or below, but big organisations like Pfizer and Sanofi raised the prices of their drugs not more than 5 per cent, 3 Axis Advisors said, as reported by news agency Reuters.&nbsp;

Also read | <a href="https://www.wionews.com/world/who-grants-emergency-validation-to-pfizer-biontech-covid-vaccine-353709">WHO grants 'emergency validation' to Pfizer-BioNTech Covid vaccine</a>

The research firm also said that GSK did hike prices of two vaccines Shingrix and Pediarix by 7 and 8.6 per cent respectively.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-dispatch-indian-experts-take-cautions-approach-353658/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Several drugs are expected to raise prices of their drugs in early January as makers are struggling to deal with the severe effect of coronavirus pandemic that has led to a reduction in doctor visits and hampered demand of new drugs.&nbsp;

3 Axis analysis said that last year, prices of over 860 drugs were raised by around 5 per cent on average.&nbsp;

The hike in drug prices have substantially slowed down since 2015 but could help pharma companies like Pfizer that have developed Covid-19 vaccine in record time and make up for the lost revenue due to a reduction in doctor visits for other illness.&nbsp;

Drugmakers, including Pfizer, Sanofi SA, and others are mulling over plans to hike prices of more than 300 drugs in the US on January 1, a report based on drugmakers and data analysed by medical research firm 3 Axis Advisors.

Drugmakers, including Pfizer, Sanofi SA, and others are mulling over plans to hike prices of more than 300 drugs in the US on January 1, a report based on drugmakers and data analysed by medical research firm 3 Axis Advisors. The increase in prices so far has been 10 per cent or below, but big organisations like Pfizer and Sanofi raised the prices of their drugs not more than 5 per cent, 3 Axis Advisors said, as reported by news agency Reuters. Also read | WHO grants 'emergency validation' to Pfizer-BioNTech Covid vaccine The research firm also said that GSK did hike prices of two vaccines Shingrix and Pediarix by 7 and 8.6 per cent respectively. Watch | Several drugs are expected to raise prices of their drugs in early January as makers are struggling to deal with the severe effect of coronavirus pandemic that has led to a reduction in doctor visits and hampered demand of new drugs. 3 Axis analysis said that last year, prices of over 860 drugs were raised by around 5 per cent on average. The hike in drug prices have substantially slowed down since 2015 but could help pharma companies like Pfizer that have developed Covid-19 vaccine in record time and make up for the lost revenue due to a reduction in doctor visits for other illness.

Drug prices to hike in 2021 as pandemic jolts revenues: Report

US President Donald Trump on Friday signed four executive orders aiming at lowering prices that Americans pay for prescription drugs as he faces an uphill re-election battle and criticism over his handling of the coronavirus pandemic.

One order would allow for the legal importation of cheaper prescription drugs from countries like Canada, while another would require discounts from drug companies now captured by middlemen to be passed on to patients, Trump said.

Another measure seeks to lower insulin costs while a fourth, which might not need to be implemented if talks with drug companies are successful, would require Medicare to purchase drugs at the same price that other countries pay, Trump said.

Executives of top drug companies have requested a meeting to discuss how they can lower drug prices, the president added.

“We are putting patients over lobbyists, senior citizens before special interests, and we’re putting America first,” Trump said before signing the documents.

Trump, under fire for surging coronavirus cases in the United States and beset by decreasing poll numbers ahead of Nov. 3 elections, had previously asked Congress to rein in drug costs.

On Friday, he also said that the White House would propose a healthcare bill soon but offered few details.

Drugmakers often negotiate rebates or discounts on their list prices in exchange for favorable treatment from insurers and other healthcare payers. As a result, insurers and covered patients rarely pay the full list price of a drug.

US President Donald Trump on Friday signed four executive orders aiming at lowering prices that Americans pay for prescription drugs as he faces an uphill re-election battle and criticism over his handling of the coronavirus pandemic.

US President Donald Trump on Friday signed four executive orders aiming at lowering prices that Americans pay for prescription drugs as he faces an uphill re-election battle and criticism over his handling of the coronavirus pandemic. One order would allow for the legal importation of cheaper prescription drugs from countries like Canada, while another would require discounts from drug companies now captured by middlemen to be passed on to patients, Trump said. Another measure seeks to lower insulin costs while a fourth, which might not need to be implemented if talks with drug companies are successful, would require Medicare to purchase drugs at the same price that other countries pay, Trump said. Executives of top drug companies have requested a meeting to discuss how they can lower drug prices, the president added. “We are putting patients over lobbyists, senior citizens before special interests, and we’re putting America first,” Trump said before signing the documents. Trump, under fire for surging coronavirus cases in the United States and beset by decreasing poll numbers ahead of Nov. 3 elections, had previously asked Congress to rein in drug costs. On Friday, he also said that the White House would propose a healthcare bill soon but offered few details. Drugmakers often negotiate rebates or discounts on their list prices in exchange for favorable treatment from insurers and other healthcare payers. As a result, insurers and covered patients rarely pay the full list price of a drug.

Donald Trump signs orders to lower prescription drug prices

US President Donald Trump on Friday unveiled his plans to lower drug prices in the US with hopes to force other countries to increase their drug prices to bring down costs at home.

The plan will focus on "increasing competition and reducing regulatory burdens so drugs can be gotten to the market quicker and cheaper," Trump said at a White House ceremony with Health Secretary Alex Azar.

"We're very much eliminating the middlemen (who) became very, very rich."

Trump's program essentially aims to lower the price of drugs for seniors and retirees covered by the Medicare social insurance program.

"It`s time to end the global freeloading once and for all. I have directed US Trade Representative Bob Lighthizer to make fixing this injustice a top priority with every trading partner," Trump said during a speech at the White House Rose Garden, Efe reported.

"We have great power over the trading partners you`re seeing that already. America will not be cheated any longer, and especially will not be cheated by foreign countries," the President added.

Trump said that foreign countries had been taking advantage of the US pharmaceutical industry and the money put in in research and development, adding that brining costs down at home would lead to higher costs abroad. Trump has accused foreign countries of being partly responsible for the astronomical US prices.

"Their medicine is a tiny fraction of what the medicine costs in the USA," Trump said, without naming countries. "It's unfair and it's ridiculous, and it's not going to happen any longer."

The US Trade Representative Robert Lighthizer said the Trump administration will use "every tool available" to ensure other nations use fair pricing practices.

"Our trading partners need to contribute their fair share toward pharmaceutical research and development by providing robust levels of intellectual property protection and enforcement, as well as having fair and transparent drug pricing systems," Lighthizer said.

Senate Democrat Claire McCaskill welcomed Trump's crackdown on the pharmaceutical industry, but she wondered "why the president backed off the idea of Medicare negotiating drug prices directly, which could bring significant savings for millions of people."

Drug pricing has vexed US politicians for years. According to statistics of the Organization for Economic Co-operation and Development, the United States has the highest annual health expenditures of any industrialized country, at nearly $10,000 per capita, with drugs prices playing a major role.

The plan will focus on 'increasing competition and reducing regulatory burdens so drugs can be gotten to the market quicker and cheaper,' Trump said at a White House ceremony with Health Secretary Alex Azar

US President Donald Trump on Friday unveiled his plans to lower drug prices in the US with hopes to force other countries to increase their drug prices to bring down costs at home. The plan will focus on "increasing competition and reducing regulatory burdens so drugs can be gotten to the market quicker and cheaper," Trump said at a White House ceremony with Health Secretary Alex Azar. "We're very much eliminating the middlemen (who) became very, very rich." Trump's program essentially aims to lower the price of drugs for seniors and retirees covered by the Medicare social insurance program. "It`s time to end the global freeloading once and for all. I have directed US Trade Representative Bob Lighthizer to make fixing this injustice a top priority with every trading partner," Trump said during a speech at the White House Rose Garden, Efe reported. "We have great power over the trading partners you`re seeing that already. America will not be cheated any longer, and especially will not be cheated by foreign countries," the President added. Trump said that foreign countries had been taking advantage of the US pharmaceutical industry and the money put in in research and development, adding that brining costs down at home would lead to higher costs abroad. Trump has accused foreign countries of being partly responsible for the astronomical US prices. "Their medicine is a tiny fraction of what the medicine costs in the USA," Trump said, without naming countries. "It's unfair and it's ridiculous, and it's not going to happen any longer." The US Trade Representative Robert Lighthizer said the Trump administration will use "every tool available" to ensure other nations use fair pricing practices. "Our trading partners need to contribute their fair share toward pharmaceutical research and development by providing robust levels of intellectual property protection and enforcement, as well as having fair and transparent drug pricing systems," Lighthizer said. Senate Democrat Claire McCaskill welcomed Trump's crackdown on the pharmaceutical industry, but she wondered "why the president backed off the idea of Medicare negotiating drug prices directly, which could bring significant savings for millions of people." Drug pricing has vexed US politicians for years. According to statistics of the Organization for Economic Co-operation and Development, the United States has the highest annual health expenditures of any industrialized country, at nearly $10,000 per capita, with drugs prices playing a major role.

Trump announces plans of decreasing drug prices in US

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