US President Donald Trump said on Saturday that drug prices in America have dropped drastically to levels not seen before.
Trump claimed prices dropped 500%, 600%, 700% because he was invoking the favored nation status for the United States of America.
However, the American president has not shared any data or evidence to prove his claim.
“No other president has done it BUT I AM! That is also the answer to much cheaper and much better HEALTHCARE! Republicans, remember, we did it and no one else,” Trump said in a post on X.
Claiming this was a medical revolution, the biggest and most important event EVER, Trump added: “If this story is told correctly, we should win the midterm elections in a RECORD NUMBER. I AM THE PRESIDENT FOR A PRIZE. SPEAK LOUD AND PROUD.”
A few days ago, America’s health plan Medicare said Tuesday that newly negotiated prices for 15 of its costliest drugs will save those drugs 36% compared to recent annual spending, or about $8.5 billion in net prescription costs.
The annual price negotiations were based on President Joe Biden’s signature of the 2022 Inflationary Reduction Act (IRA). Previously, Medicare was prohibited by law from negotiating with drug manufacturers.
According to a Reuters report, the Trump administration has since outlined what it considers to be the most favorable price terms: the lowest price of any Organization for Economic Co-operation and Development country with a per capita gross domestic product of at least 60% of US GDP per capita.
In a separate pilot program, Medicare has proposed a smaller “basket of countries” that includes six G-7 countries — the United Kingdom, France, Germany, Italy, Canada and Japan — plus Denmark and Switzerland. The benchmark used to calculate the MFN price would be the second lowest price within this basket of countries, adjusted for GDP per capita.
