Americans face the highest prescription drug prices in the world, leaving many people to pay partially out of their own pockets despite already exorbitant insurance premiums.
“Furthermore, it will foster a more competitive prescription drug market to ensure the prices being charged to patients and the government are more aligned with the value they provide, rather than some quirk in the way that the government pays for them.”
The administration of Trump's predecessor Joe Biden approved Florida's application to import from Canada last year but no other states were given the green light for their own deals.
The aim of the changes is to eliminate the difference between price negotiation rules for pills and those for injectable drugs -- a disparity that critics argue could harm investment in the orally-administered products.
“Large molecule” biologics such as gene-based therapies and hormonal regulators could only be subject to negotiations after 13 years.
Officials said the edict also did not make use of a “most favored nation” status that would force pharmaceutical companies to offer their lowest prices in America.
Days before leaving office, the Democrat announced a further 15 drugs for which the government would negotiate lower prices with pharmaceutical companies, with the resulting prices taking effect in 2027.
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