Trump backs off proposal to slash prescription drug prices by linking them to foreign countries

WASHINGTON — Former President Trump is backing off his support for a controversial drug pricing plan that struck fear into the hearts of pharmaceutical executives during his first term.

Trump in 2020 signed an executive order to make sure that Medicare didn’t pay more for prescription drugs than other developed countries. The aggressive policy could have slashed more than $10 billion per year from the pharmaceutical industry’s bottom line. The Biden administration ultimately rescinded the policy following a court order that stopped the program from going into effect.

In June 2023, Trump’s campaign released a video and statement indicating that the policy could make a comeback during a second Trump term, and said that, “On Day One, President Trump will sign an Executive Order to end global freeloading on American consumers once and for all.” 

STAT+ Exclusive Story

Already have an account? Log in

This article is exclusive to STAT+ subscribers

Unlock this article — plus daily intelligence on Capitol Hill and the life sciences industry — by subscribing to STAT+.

Already have an account? Log in

Individual plans

Group plans

Monthly

$39

Totals $468 per year

$39/month Get Started

Totals $468 per year

Starter

$30

for 3 months, then $399/year

$30 for 3 months Get Started

Then $399/year

Annual

$399

Save 15%

$399/year Get Started

Save 15%

11+ Users

Custom

Savings start at 25%!

Request A Quote Request A Quote

Savings start at 25%!

2-10 Users

$300

Annually per user

$300/year Get Started

$300 Annually per user

View All Plans

To read the rest of this story subscribe to STAT+.

Subscribe

Log In