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Trump Claims Latest Executive Order Will Slash The Price Of Insulin Down To 'Virtual Pennies'

Trump Claims Latest Executive Order Will Slash The Price Of Insulin Down To 'Virtual Pennies'

The Pharmaceutical Care Management Association warns that that new set of executive orders will drastically increase Medicare premiums for America’s most vulnerable.

Image Source: Instagram/realdonaldtrump

On Friday, President Donald Trump flashed a victorious smirk after signing four executive orders which aim at lowering the prices of prescription drugs. Yesterday I signed four measures that will massively reduce the prices of prescription drugs, in many cases by more than 50%. Nothing like this has ever been done before because Big Pharma, with its vast power, would not let it happen, he wrote on Twitter, announcing the order which is supposedly first of its kind. He also claimed that it would eventually lead to a significant drop in the cost of insulin to "virtual pennies."

 



 

"The four orders I’m signing today will be on the prescription drug market in terms of pricing and everything else to make these medications affordable and accessible for all Americans. The first order will require federal community health centers to pass the giant discounts they received from drug companies on insulin and EpiPens directly to their patients. You know insulin became so expensive people weren’t able to use it. They desperately needed it," explained Trump. 

 



 

Speaking about the second executive order, he continued that it would "allow the safe and legal importation of prescription drugs from Canada and other countries where the price for the identical drug is incredibly lower." Emphasizing on the massive difference in the pricing of medicines, Trump added that Americans pay "three times more" for medicines than Canadians. "Many people go to Canada, I see it all the time. They go to Canada to buy drugs and then they come back. Prescription drugs because they save so much money, the trip is well worth it," he said. "It is a difference like you would not believe - 70%, 80%, 90%. 30% - but massively lower than the identical drug made in the same plant, same factory, same exact drug, same everything, same box, same pill, and yet, it’s 50, 60, 70% lower."

 



 

Now the third signed order intends on removing the middlemen who exploits "Medicare patients" by pocketing "gigantic discounts" and selling the drugs at a high price. "The fourth and final order I am signing today is the granddaddy of them all," said Trump, emphasizing that it "will end global freeloading on the backs of American patients and American seniors." Trump explained how Americans have been paying the " highest prices for drugs, prescription drugs, anywhere in the world" for decades. However, "foreign nations have paid vastly less for the exact same drug again and the exact same box from the exact same plant, from the exact same company. They would pay 10%, 20%, 30%. What our people are paying a pill that would sell for one dollar in certain countries," he added.

 



 

Claiming that US citizens are funding the major cost of "drug research and development for the entire planet" while the others are "bearing none," he asked "So we are paying to reduce drug prices in a socialist country. How does that work?"

In conclusion, he said that drug companies would be prohibited from charging Medicare more for the drugs that other countries pay less under the provision. The executives of giant pharmaceutical companies are due to visit the White House on Tuesday to make their case. However, the President has warned his newly established rules will come into effect unless the big pharma executives agree upon decreasing the prices of drugs substantially. 

Trump's big move has been on the receiving end of excessive criticism with the Pharmaceutical Care Management Association cautioning that the orders would "drastically increase Medicare premiums for America’s seniors and most vulnerable" instead of doing any good, according to New York Post.  The statement by them further says: "This policy does nothing to address drug prices, it only serves to create uncertainty and raise premiums for seniors while imposing nearly $400 billion in additional taxpayer costs, all at a time when taxpayers are already footing additional costs to counter the pandemic and the national debt is at record levels."

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