President Trump said Friday that he had a plan to force Big Pharma to lower drug costs so that the US would pay no more than the country that currently pays the lowest prices.
“We’re going to be announcing something very shortly, a favored nations law,” the president said outside the White House as he was leaving for a weekend trip to his New Jersey golf club.
“You know, for years and years other nations paid less for drugs than we do, sometimes by 60 percent, 70 percent. We’re going to be and we’re working on it right now, we’re working on a favored nations law, where we pay whatever the lowest nation’s price is,” Trump continued, adding his familiar refrain that the US was being ripped off by big pharmaceutical companies.
“Why should other nations like Canada, why should other nations pay much less than us? They’ve taken advantage of the system for a long time, Pharma, so we’re working on right now a favored nations law so that whatever the lowest nation is anywhere in the world, or company, then what happens is we will pay that amount. That’s being worked on right now,” Trump said.
He did not provide other details of how the plan would work.
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