Trump's Renewed Push to Cut Drug Prices: Medicare in Focus

President Donald Trump has announced his intention to sign an executive order on Monday aimed at reducing the cost of certain medications by linking Medicare payments to the lowest prices paid internationally. This initiative resurrects an earlier effort from his first term, focusing on medications administered in doctor's offices such as cancer treatments.

The proposed order suggests the implementation of a 'Most Favoured Nation' policy, ensuring that the United States pays no more than the country with the lowest drug prices. While this could potentially save the government substantial amounts of money, experts warn of strong opposition from the pharmaceutical industry, which fears the impact on profits and innovation.

This proposal specifically affects drugs covered under Medicare Part B, largely excluding common prescriptions filled at pharmacies. As Trump prepares to sign this order, the pharmaceutical lobby is bracing for what they anticipate could be a contentious battle over drug pricing reforms in the U.S.

(With inputs from agencies.)