President Donald Trump announced a plan to lower prescription drug prices in the United States by up to 80 percent.
The president signed the Most Favored Nation Drug Pricing executive order at the White House on May 12.
The plan requires drug makers to offer the lowest price found in other developed countries for certain high-cost prescription medications.
“The United States will no longer subsidize the health care of foreign countries,” Trump said before signing the executive order. “And we will no longer tolerate profiteering and price gouging from Big Pharma.”
The concept has bipartisan congressional support but is likely to face strong opposition from drug manufacturers and free-market advocates. They say it will create shortages and undercut funding for developing new medications….