US President Donald Trump on Saturday said that drug prices in America have dropped drastically, at the level seen before.
Trump claimed that the prices have dropped 500%, 600%, 700% because he invoked favored nations status for the United States of America.
However, the US President did not share any data or evidence to prove his claim.
“No other President has been able to do this, BUT I HAVE! This is also the answer to much less expensive, and far better, HEALTHCARE! Republicans, remember, this was done by us, and nobody else,” Trump said in a post on X.
Claiming that this is a revolution in medicine, the biggest and most important event, EVER, Trump added, “If this story is properly told, we should win the Midterm Elections in RECORD NUMBERS. I AM THE AFFORDABILITY PRESIDENT. TALK LOUDLY AND PROUDLY.”
A few days ago, the US Medicare health plan said on Tuesday that newly negotiated prices for 15 of its costliest drugs will save 36% on those medications compared with recent annual spending, or about $8.5 billion in net covered prescription costs.
The annual price negotiations were established under President Joe Biden's signature Inflation Reduction Act (IRA) of 2022. Previously, Medicare was barred by law from negotiating with drugmakers.
According to Reuters report, the Trump administration has since outlined what it considers most-favored-nation pricing terms: the lowest price in any country that is part of the Organisation for Economic Co-operation and Development with a gross domestic product per capita of at least 60% of US GDP per capita.
Under a separate pilot program, Medicare has proposed a smaller “country basket,” which includes six G-7 countries - the UK, France, Germany, Italy, Canada and Japan - plus Denmark and Switzerland. The benchmark used to calculate the MFN price would be the second-lowest price within that basket of countries, adjusted by GDP per capita.
