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Trump’s Next Plan to Lower US Drug Prices: Raise Them in Other Countries
Trump's efforts to balance U.S. drug prices involve pressuring companies to raise prices abroad, with Americans paying nearly three times more than comparable countries in 2022, experts say.
- U.S. President Donald Trump issued Executive Order 14297 in May 2023 to require drugmakers to offer the lowest price paid in peer countries to U.S. patients or face repercussions.
- This order followed Trump’s claims that U.S. patients subsidize drug costs in other countries like Canada, which negotiates discounted prices through the Pan-Canadian Pharmaceutical Alliance.
- Commerce Secretary Howard Lutnick stated that Trump aims to lower drug prices in the U.S. while pushing manufacturers to raise prices abroad to offset profit losses.
- A 2022 study found Canadians pay about 44% of U.S. drug prices, while Americans pay nearly three times more than people in comparable countries, although industry groups warned this rebalancing may be difficult.
- The initiative’s goal to shift costs may affect Canada’s pharmaceutical industry and trade relations, prompting calls to expand domestic innovation to reduce reliance on U.S. companies.
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11 Articles
11 Articles
Trump’s next plan to lower US drug prices: Raise them in other countries
President Donald Trump wants drugmakers to lower their prices in the US — so he’ll push them to raise prices in other countries to offset the hit to their bottom line, Commerce Secretary Howard Lutnick said Friday.
·Atlanta, United States
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Coverage Details
Total News Sources11
Leaning Left1Leaning Right0Center10Last UpdatedBias Distribution91% Center
Bias Distribution
- 91% of the sources are Center
91% Center
C 91%
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