Presidential Executive Orders Aims to Lower Drug Prices
Signed July 24, 2020, the four Executive Orders look to lower the cost of prescription drugs in the US.
- Order 1: will require federal community health centers to pass the giant discounts they received from drug companies on insulin and EpiPens directly to their patients.
- Order 2: will allow the safe and legal importation of prescription drugs from Canada and other countries where the price for the identical drug is lower.
- Order 3: address wholesale mark-ups
- Order 4: Medicare will be required to buy drugs at the same price other countries pay
The hope is US consumers will end up paying less for their medications, with pricing more in line with what consumers in other countries pay. As you can imagine, drug manufactures we not happy, and canceled a meeting with the President scheduled to take place shortly after the Orders were signed. However, it may take months for consumers to see any benefits at the register as the administration still needs to determine exactly how the Orders will be administered. More on this as it develops.