Donald Trump's announcement of a 'most favored nation' policy aimed at lowering U.S. drug prices to match those in other countries appeared to suggest a strong step towards economic populism. However, the actual implementation lacks substance, relying on voluntary compliance from drug companies without any enforcement mechanism. Critics argue that Trump's approach amounts to mere blame-shifting towards foreign entities and a absence of genuine commitment to address the drug-cost crisis effectively, as evidenced by the resilience in pharmaceutical stock prices following the announcement.
If the president were serious about solving America's drug-cost crisis, he could choose from a long list of options. Instead, he seems content blaming foreign countries and hoping for the best.
The executive order directs Kennedy, the secretary of Health and Human Services, to identify a 'price target' for a given drug, and then asks the pharmaceutical industry to voluntarily charge that price.
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