In a decisive move to reduce prescription drug costs, President Donald Trump has signed an executive order giving pharmaceutical companies 30 days to voluntarily lower prices or face future limits on government payments.
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US drugmakers given 30 days to lower prices
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Key Takeaways:
- President Trump signed an executive order to lower prescription drug prices.
- Drugmakers have 30 days to voluntarily reduce medication costs.
- Non-compliance may lead to future limits on government payments for drugs.
- The order aims to make medications more affordable in the U.S.
- The government is increasing pressure on the pharmaceutical industry.
President Signs Executive Order to Lower Drug Prices
President Donald Trump signed an executive order on Monday setting a 30-day deadline for drugmakers to electively reduce the cost of prescription drugs in the United States. This action reflects the administration’s effort to make medications more affordable for Americans.
30-Day Deadline for Pharmaceutical Companies
The executive order mandates that pharmaceutical companies have 30 days to voluntarily lower their prescription drug prices. This timeframe is designed to prompt immediate action from drugmakers in addressing high medication costs.
Potential Limits on Government Payments
Should drugmakers fail to comply with the executive order, they may face new limits down the road over what the government will pay for prescription drugs. This potential for future restrictions serves as a significant incentive for companies to adjust their pricing strategies promptly.
