WASHINGTON (dpa-AFX) - President Donald Trump has signed an Executive Order directing the Department of Health and Human Services to take steps to significantly reduce drug prices for American patients.
It delivers lower drug prices for Medicare and the seniors who rely on it by improving the Medicare Drug Pricing Negotiation Program in order to eclipse the 22 percent in savings achieved in the program's first year.
The order requires HHS to align Medicare payment for certain prescription drugs with the cost by which hospitals actually acquire them, which can be 35 percent lower than what the government currently pays.
Medicare payments for prescription drugs such as cancer treatments, will be standardized regardless of where the patient receives care, which can lower prices by as much as 60 percent.
The order provides massive discounts to low-income patients for life-saving medications.
Insulin prices for low-income patients and the uninsured will be lowered to as low as $0.03, plus a small administrative fee.
Injectable epinephrine for low-income patients and the uninsured will be lowered to $15, in addition to a small administrative fee.
The Order helps states reduce drug prices by facilitating importation programs that could save states millions in prescription drug costs.
It will also help states get much better deals on expensive sickle-cell medications in Medicaid than the statutorily required 23.1 percent discount, according to the White House.
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