Pharmaceutical industry criticizes the drug pricing plan Trump says he’ll sign

President Donald Trump’s proposal to adjust the pricing structure of certain medications is encountering strong opposition from the pharmaceutical industry even before the scheduled signing of the executive order on Monday. The order, if enacted, could potentially reduce the cost of some drugs. Trump has assured that his plan, which is expected to link the prices of Medicare-covered medications administered in a doctor’s office to the lowest prices paid by other countries, will lead to substantial savings on drug expenses. The president announced on social media his intention to implement a “most favored nation’s policy,” ensuring that the U.S. pays the same price as the country with the lowest drug prices globally. However, the leading pharmaceutical lobby in the country has criticized the plan, arguing that it would negatively impact American patients. The pharmaceutical industry has expressed concerns that any threats to their profits may impede their research efforts to develop new drugs. Trump’s previous attempt to introduce the “most favored nation” approach faced opposition, with a court order preventing its implementation under President Joe Biden’s administration. The pharmaceutical sector has contended that such a policy could give foreign governments an advantage in determining drug values in the U.S. The executive order is likely to affect only drugs covered by Medicare Part B, which includes medications administered during doctor’s office visits. While Trump has emphasized the potential savings for taxpayers, the proposal may not result in significant cost reductions for many Americans. The plan is expected to impact specific drugs covered by Medicare and administered in a medical setting, potentially bringing substantial savings to the government. The action aims to address the longstanding issue of high drug prices in the U.S., which have drawn bipartisan criticism but have yet to be resolved by Congress. The executive order does not cover commonly prescribed drugs obtained from pharmacies. Trump’s announcement follows his criticism of pharmaceutical companies for exploiting Americans and the lobbying influence of the industry. He emphasized his commitment to taking the appropriate actions to address drug pricing issues.