Trump Acts to Cut Drug Prices in US, Takes a Swipe at EU

US President Donald Trump said on May 12 he would slash drug prices so that they match costs abroad, accusing the "brutal" European Union in particular of forcing pharmaceutical companies to lower prices on its turf.

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WASHINGTON -

Mr Trump said as he signed an executive order at the White House that drug prices should fall by at least 59 per cent — and in some cases by as much as 80 per cent or 90 per cent.

Under the plan, Mr Trump aims to implement a "most favoured nation" policy that pins the cost of drugs sold in the US to the lowest price paid by other countries for the same drug.

"Whoever is paying the lowest price, that is the price that we are going to get," Mr Trump said.

The US President's plan will count mainly on the goodwill of pharmaceutical companies to negotiate their prices and could face legal challenges, as did a similar proposal Mr Trump pushed during his first term.

Mr Trump said American consumers have been treated like "suckers", and cited in particular the costs of the obesity-reducing drug Ozempic, which he said are vastly higher than in Europe.