Trump signs order aimed at lowering drug prices

President Trump signed an executive order on Tuesday aimed at reducing drug costs in the US. The order addresses a key campaign promise to make drug prices a priority, as they are significantly higher in the US compared to other countries. The administration will work on various initiatives, including getting more savings from drug price talks and paying the same amount for cancer treatments regardless of the facility. The order directs the Health and Human Services Department to work with Congress to fix a "distortion" in the Medicare negotiation process for small-molecule drugs. This change is backed by the pharmaceutical industry and aims to align the negotiation period for synthetic drugs with that of biologics. The order also reinstates a program to provide discounted insulin and directs the FDA to streamline approval of generic and biosimilar drugs. Additionally, it calls for a pilot project to cover novel therapeutics and facilitates state plans to import drugs. Although the order doesn't mention the Most Favored Nation policy, the administration is still working to decrease the gap between US drug prices and those of other developed countries. A White House official assured that recent staff reductions at HHS will not affect the implementation of these new initiatives. The administration's goal is to make drug prices more affordable for US patients.