Trump Signs New Executive Order on Prescription Drug Prices

President Trump on Sunday signed an executive order that he claimed reduces prescription drug prices "by putting America first," but experts say the move is unlikely to have any immediate benefit, reports National Public Radio . The order repeals an earlier directive and expands the drugs covered by Trump's proposed "most favored nations" pricing scheme to include both Medicare Part B and Medicare Part D. The notion is that Medicare would not pay more for drugs than the lower prices paid by other developed countries. The drug industry has roundly condemned this move. "The focus of any reforms must be on lowering costs for patients, ensuring patients' access to medicines, addressing the misaligned incentives in the pharmaceutical supply chain, and protecting the critical work being done to end COVID-19," said PhRMA CEO Stephen Ubl. "Unfortunately, instead of pursuing these reforms the White House has doubled down on a reckless attack on the very companies working around the clock to beat COVID-19." Ubl further cited the order as "an irresponsible and unworkable policy that will give foreign governments a say in how America provides access to treatments and cures for seniors and people struggling with devastating diseases." Health policy consultant Ian Spatz suggested that Trump "may be frustrated that he didn't reach a deal with drugmakers, as his announced action is merely a demonstration and it is very hard to see how it could have any impact in the near future."