U.S. President Donald Trump said he would cut prescription drug prices by 59%, but gave no further details about his plan to lower medicine costs ahead of a health-related event at the White House later on Monday.
“Drug prices to be cut by 59%” Trump wrote in capital letters on his social media platform as global pharma shares traded lower Monday morning. On Sunday, Trump said he would sign an executive order to pursue what is known as “most favored nation” pricing or international reference pricing.
He is scheduled to hold an event at the White House with U.S. Health Secretary Robert F. Kennedy Jr. at 9:30 a.m. (1330 GMT).
The United States pays the highest prices for prescription drugs, often nearly three times more than other developed nations. Trump tried in his first term to bring the United States in line with other countries but was blocked by the courts.
