Donald Trump signs new executive order to lower drug prices and says 'the days of global freeriding at America's expense are over'

Donald Trump said on Sunday he had signed a new executive order aimed at lowering drug prices in the United States by linking them to those of other nations.

'My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries. The days of global freeriding at America´s expense are over,' Trump said in a Twitter post.

He added: 'Also just ended all rebates to middlemen, further reducing prices.'  

The president in July signed an executive order that, among other things, would require Medicare to tie the prices it pays for drugs to those paid by other countries. Its implementation, however, was delayed as the administration sought to work out a solution with the industry.

It was not clear if Trump signed a new order or was referring to that document, which was also referred to as a most-favored-nation executive order.

Trump in July signed four executive orders designed to reduce drug costs for consumers in a bid to highlight his commitment to cutting prescription prices before the November 3 presidential election.

The orders ranged from relaxing drug importation rules to cutting Medicare payments to drugmakers, but experts said they were unlikely to take effect in the near term. Similar proposals by the Trump administration stalled amid industry pushback. 

Donald Trump said on Sunday he had signed a new executive order aimed at lowering drug prices in the United States by linking them to those of other nations

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'My Most Favored Nation order will ensure that our Country gets the same low price Big Pharma gives to other countries. The days of global freeriding at America´s expense are over,' Trump said in a Twitter post Sunday. The president is pictured at a Latinos for Trump Coalition roundtable at Treasure Island Hotel & Casino, Sunday

Trump announces executive order to lower drug prices

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Trump cast his July directives as far-reaching, but they mostly update earlier administration ideas that have not yet gone into effect.

'I'm unrigging the system that is many decades old,' he declared at the signing ceremony, promising 'massive' savings. 

Trump came into office complaining that pharmaceutical companies were 'getting away with murder' and promising to bring them under control. Nearly four years later, things are much the same despite some recent moderation in price increases. 

Days after signing the executive order in July Trump accused the pharmaceutical industry of running ads that lied about his new executive order to lower prescription drug costs.

The accusation came after industry execs refused to attend a meeting with the president at the White House to discuss the matter. 

Trump tweeted: 'Big Pharma is taking television ads trying to make the case that I am raising prescription drug prices on seniors. The ad is a lie! What I have done will lead to a 50% REDUCTION in prices, at least, & Big Pharma is not happy about it.

'No other President would be able to produce what I have. So when you see those nasty ads from Big Pharma remember, the only reason they are going all out is the massive PRICE REDUCTIONS you are getting - not good for them. Plus, I was only President in 51 years that got a Prescription D reduction!'

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President Donald Trump signs executive orders on prescription drug prices in the South Court Auditorium at the White House on July 24

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A drive to enact major legislation this year stalled in Congress. Although Trump told Republican senators that lowering prescription prices is 'something you have to do,' many remain reluctant to use federal authority to force drugmakers to charge less.

Meanwhile, congressional Democrats calculate that the election will strengthen their hand, and they'll finally be able to enact a law that authorizes Medicare to negotiate prices directly. Neither side in Congress has had an incentive to deal, and the White House has been unable to work Trump's will.

Americans remain worried about drug costs, with nearly 9 in 10 saying in a recent Gallup-West Health poll that they're concerned the pharmaceutical industry will take advantage of the coronavirus pandemic to raise prices. 

Drugmakers remain adamantly opposed to government efforts to curb prices.

Experts said any orders were unlikely to take effect in the near term. Similar proposals by the Trump administration stalled amid industry pushback. 

Trump's administration 'has decided to pursue a radical and dangerous policy to set prices based on rates paid in countries that he has labeled as socialist, which will harm patients today and into the future,' Stephen Ubl, head of the pharmaceutical lobby, said in a statement.

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Trump cast his directives as far-reaching, but they mostly update earlier administration ideas that have not yet gone into effect; Trump signs an executive order on lowering drug prices at the White House, in Washington, DC on July 24