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25 Jul, 2020 13:50

'Remember your favorite president!' Trump pats himself on back over executive orders aimed at slashing drug prices

'Remember your favorite president!' Trump pats himself on back over executive orders aimed at slashing drug prices

US President Donald Trump has dubbed himself everyone's “favorite president” in a tweet reminding voters of four newly signed executive orders, which he promised would drastically slash the price of prescription drugs.

“Nothing like this has ever been done before because Big Pharma, with its vast power, would not let it happen,” Trump tweeted on Saturday, adding that his actions would particularly help seniors.

The president signed a series of executive orders on Friday aimed at lowering prescription drug costs. This would happen “in many cases by more than 50 percent,” he said in the tweet. 

The measures allow lower-cost drugs to be imported from other countries, force drug makers to pass discounts given to hospitals onto patients, and lower the cost of insulin to “pennies” a day. One of the orders would stop pharmaceutical companies from charging the US more for drugs than other countries, and will come into effect in August unless another deal is reached with the companies before then. 

“Epi-pens went from their incredibly high, jacked up prices, to lower than their original give away bargains,” Trump said, adding that they are the “biggest price reductions in history, by far!” 

US drug prices are notoriously high, and they continue to climb as patients struggle to afford basic medications for diabetes, hepatitis and allergies. Big Pharma’s profits from prescription drugs are expected to be more than $610 billion by 2021, according to DrugWatch.

Also on rt.com Trump signs executive orders promising ‘MASSIVE’ slash in prescription drug prices

The industry holds major sway in Washington, and lobbying groups have already voiced their displeasure at the new “socialist” measures. 

Although Trump’s executive orders take dramatic steps to potentially lower prices, and were celebrated by many of his supporters, voters may not see any actual change in their expenses before the November presidential election, as it’s expected that the orders could be challenged in court.

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