© Alex Brandon/APPresident Trump shows an executive order on lowering drug prices after signing it yesterday.
"Yesterday I signed four measures that will massively reduce the prices of prescription drugs, in many cases by more than 50%. Nothing like this has ever been done before because Big Pharma, with its vast power, would not let it happen," Trump said in a tweet Saturday.
"Expensive Insulin went from big dollars to virtual pennies. Epi-pens went from their incredibly high, jacked up prices, to lower than their original give away bargains," he continued. "Biggest price reductions in history, by far! Nothing like this has ever for our citizens, especially our Seniors. REMEMBER YOUR FAVORITE PRESIDENT!"
Most notable among the provisions is a new requirement prohibiting drug companies from charging Medicare more than what they charge other nations for the same drugs.
A slew of big pharma execs are expected to visit the White House Tuesday to make their case, but Trump has warned the new rules will take effect unless they agree to substantially slash drug prices.
"We incredibly and foolishly bear the full cost of all research and development," Trump said at the signing ceremony. "You think the world looks at us and says, 'Where the hell did these people come from?'"
The move from Trump came in for swift industry criticism. In a statement, the Pharmaceutical Care Management Association warned the orders would "drastically increase Medicare premiums for America's seniors and most vulnerable."
Comment: In other words, Big Pharma is not willing to change its bottom line and will make up the reduction another way.
Comment: His own best cheerleader, President Trump announces his latest efforts on behalf of the public.