Trump says administration preparing an executive order on drug prices

President Donald Trump said Friday he’s preparing an executive order declaring a “favored nations clause” for drug prices, where the U.S. will pay no more than the country with the lowest prescription drug prices.

“As you know for years and years other nations pay less for drugs than we do,” Trump told reporters from the White House South Lawn. “We’re working on a favored nations clause, where we pay whatever the lowest nation’s price is. Why should other nations — like Canada — why should other nations pay less than us? ”

The Trump administration and Democrats in Congress are both trying to bring more transparency to drug prices and, ultimately, lower costs for consumers.

The Trump administration is trying to shed more light on the health-care industry’s opaque pricing practices by requiring Big Pharma to include drug prices in TV ads starting this month. It proposed new rules in January that would cut out the middlemen and force drugmakers to pass drug rebates directly to consumers. The president also issued an executive order last month requiring hospitals and insurers to disclose negotiated rates for services, as well as provide patients with out-of-pocket costs before their procedures.

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