US President Donald Trump has announced the biggest initiative ever to reduce drug prices. He said that now American patients will not have to pay more for medicines than the lowest prices charged anywhere in the world.
In an event organized at the White House, Trump said that the “most favored nation price system” will now be implemented in America. This means that medicines will be available in America at the lowest price at which they are sold in any other country in the world. He told that till now the American people had to pay a much higher price than other countries.
Pharmaceutical companies earn 75% of profits from America: Trump
On this occasion, Health Minister Robert F. Kennedy Jr., Commerce Secretary Howard Lutnick, Medicare and Medicaid Services Administrator Mehmet Oz, and Food and Drug Administration Commissioner Marty Macari. Trump said that America’s population is only four percent of the world’s, but pharmaceutical companies earn about seventy-five percent of their profits from America only.
He told that many big pharmaceutical companies have agreed to reduce the prices of their major medicines. Agreements have been reached to reduce the prices of some medicines by 300 to 700 percent. He warned that if companies did not follow the rules, import duty would be imposed on them. According to Trump, the prices of medicines will start falling rapidly from next year.
The benefit of savings should go directly to patients: Donald
Trump also said that the benefits of savings resulting from lower drug prices should go directly to patients, not insurance companies. High drug prices have long been a major political issue in the US, especially for the elderly and patients suffering from serious illnesses. Trump says that now America will also get the same benefits which other countries have been getting till now.
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