Trump Tackles Drug Pricing: A Bold Executive Move

In a high-profile move to slash prescription drug costs in the US, President Donald Trump signed a sweeping executive order on Monday, urging pharmaceutical companies to match international drug prices within 30 days or face new governmental payment restrictions. Spearheaded by Robert F. Kennedy Jr., Head of the Health Department, the order intends to leverage the massive purchasing power of Medicare and Medicaid, which collectively cover over 150 million Americans.

Trump's initiative has ignited substantial opposition from the nation's leading pharmaceutical lobby, which argues that pricing changes could stifle innovation. Speaking on behalf of the Pharmaceutical Research and Manufacturers of America (PhRMA), CEO Stephen J. Ubl criticized the plan, stating that adopting foreign pricing models could undermine investment in American pharmaceutical innovation, potentially making the US more dependent on foreign markets for medical advances.

The administration's efforts are bolstered by prominent officials including Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz and National Institutes of Health Director Jay Bhattacharya. They aim to broker deals with drug companies to align US drug prices with those in Europe. However, the executive order's exact impact, especially concerning privately insured Americans, remains unclear as the Health Department's regulatory power is primarily focused on public health programs like Medicare and Medicaid.

(With inputs from agencies.)