Lowering Prescription Drug Prices
July 30, 2020
Late last week, President Trump announced the signing of four Executive Orders to lower prescription drug prices for patients. The high cost of life-saving prescription drugs, like insulin, has been considered a crisis by many patients, physicians and lawmakers.
The Administration signed four distinctive orders to combat this crisis. The first Executive Order, directs federally qualified health centers to pass discounts received from drug companies for insulin and epinephrine to low-income Americans such as those who are underinsured or receive Medicare and Medicaid.
The second Executive Order will allow State plans to safely import certain drugs from other countries when it will result in lower costs for patients. The third Executive Order will prohibit secret deals between drug manufacturers and pharmacy benefit manager middlemen, ensuring patients directly benefit from available discounts at the pharmacy counter.
The fourth and final Order with an implementation date of August 24, 2020 will ensure that the United States pays the lowest price available in economically comparable countries for Medicare Part B drugs. The Administration acknowledged prescription drug prices continue to be a major concern and indicated the orders were a step in the right direction.