(FinancialHealth.net) – President Donald Trump has been discussing the importance of reducing the cost of prescription drugs for years. Last week, he took action and issued executive orders to tackle the problem. But will they help?
On July 24, the president signed four policies aimed at lowering prescription drug prices. The Access to Affordable Life-saving Medications order will allow patients who don’t have access to adequate healthcare to buy certain types of injectable epinephrine and insulin from Federally Qualified Health Centers, at prices that better reflect the wholesale costs.
The president’s second order, Increasing Drug Importation to Lower Prices for American Patients, makes it easier for Americans to purchase some medications from Canada, where drug prices are lower. The third policy, Lowering Prices for Patients by Eliminating Kickbacks to Middlemen, bans secret deals that increase the price of meds.
The fourth executive order, which has not been published yet, requires the US to pay the same for Medicare Part B drugs as other countries. This won’t go into effect yet, because President Trump is giving pharmaceutical companies until August 24 to make a deal.
The United States often pays 80% more for costly Medicare Part B drugs than other developed countries.
The fourth order signed will ensure that American patients pay the lowest price available. pic.twitter.com/fsKiHTq9Hw
— The White House (@WhiteHouse) July 25, 2020
The orders are a welcome change, but they won’t take effect right away and probably don’t go far enough. Although President Trump’s actions are helpful, Congress really needs to do its job and help lower prices. Without legislation, the commander-in-chief can only do so much.
~Here’s to Your Financial Health!
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