President Donald Trump explained outside the White House Friday how he will use an executive order to stand up to big pharmaceutical companies in order to lower drug prices for the American people.
“We’re going to be announcing something very shortly, a favored nations clause. As you know, for years and years, other nations paid less for drugs than we do, sometimes by 60, 70 percent,” President Trump said.
“We’re working on a favored nations clause, where we pay whatever the lowest nation’s price is. Why should other nations, like Canada, but why should other nations pay much less than us? They’ve taken advantage of the system for a long time. Pharma,” Trump said.
“Whatever the lowest nation is anywhere in the world, or company, but the lowest nation or company, then what happens is we will pay that amount,” Trump said.
“We’re going to do it in the form of an executive order,” Trump said.
DJT on drug prices: "We're working on a Favored Nations Clause, where we pay whatever the lowest nation's price is…They've taken advantage of this system for a long time(Pharma)…We're going to do it in the form of an Executive Order." pic.twitter.com/pFLsCrwWo4
— M3thods (@M2Madness) July 5, 2019
President Trump stood up to the big pharmaceutical companies during the 2016 election — proposing to allow Medicare to negotiate drug prices with Pharma companies — which sent the Republican Establishment into utter shock.
Big Pharma has a stranglehold on the economic system that politicians feed off of, so don’t expect any politician besides Trump to actually do anything to stand up to those companies anytime soon.
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