President Donald Trump has announced a new executive order reducing the cost of prescription drugs and pharmaceuticals by up to 80 percent in a move he describes as one of the most consequential in American history.

Trump said his decision will cause the cost of prescription drugs to ‘rise throughout the World in order to equalize.’

He said ‘for the first time in many years’ he is bringing ‘fairness to America’ and Americans with health conditions as part of his sweeping efforts to ensure the United States is being charged ‘equally’ to other nations. 

In a much anticipated TruthSocial post on Sunday, Trump wrote: ‘For many years the World has wondered why Prescription Drugs and Pharmaceuticals in the United States States of America were SO MUCH HIGHER IN PRICE THAN THEY WERE IN ANY OTHER NATION.’

Trump revealed that Americans have been paying five to 10 times more than citizens of other nations for ‘the same drug, manufactured in the exact same laboratory or plant, by the same company.’

‘It was always difficult to explain and very embarrassing because, in fact, there was no correct or rightful answer. 

‘The Pharmaceutical/Drug Companies would say, for years, that it was Research and Development Costs, and that all of these costs were, and would be, for no reason whatsoever, borne by the “suckers” of America, ALONE.’

Trump went on to accuse the Democrats of striking deals with pharamceutical companies in exchange for campaign contributions, but insisted: ‘Not with me, and not with the Republican party.’ 

Trump said his decision will cause the cost of prescription drugs to ‘ rise throughout the World in order to equalize ‘

The executive order will be signed at 9am on Monday in the White House, Trump said.

He described it as ‘one of the most consequential Executive Orders in our Country’s history.’

Trump vowed prices will be reduced by between 30 percent and 80 percent ‘almost immediately.’ 

In what appears to be a follow-on from Trump’s tariff policy, he wrote: ‘They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!

‘I will be instituting a MOST FAVORED NATION’S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World.

‘Our Country will finally be treated fairly, and our citizens Healthcare Costs will be reduced by numbers never even thought of before.’

Trump said his policy would save the United States ‘trillions of dollars.’ 

His announcement comes amid revelations over a third of US adults (about 91 million people) could not access quality healthcare if they needed it today, based on the latest West Health-Gallup Healthcare Affordability Index.

One of the largest US drugstores chains Rite Aid filed for Chapter 11 bankruptcy in 2023

Federal spending on healthcare was reported to be $4.9 trillion in 2023, or $14,570 per person, according to Centers for Medicare & Medicaid Services. 

And while about 305 million people have health insurance in the US, an estimated 26 million Americans are uninsured and footing hospital bills themselves.

About four in 10 adults report having debt from unpaid medical or dental bills while over 70 million avoid visiting the doctor’s in fear of high costs. 

In January 2024, reports emerged that drugmakers have hiked the prices of more than 770 drugs including Ozempic, the blockbuster diabetes drug often used for weight loss.

Its manufacturer, Novo Nordisk, jacked up the price 3.5 percent to almost $970 per month’s supply.

Meanwhile, Eli Lilly increased the cost of Mounjaro, a diabetes drug also used for weight loss, 4.5 percent to close to $1,070 a month.

AstraZeneca also raised prices three percent for blood cancer treatment Calquence, non-small cell lung cancer drug Tagrisso and asthma treatment Fasenra. 

Increases for Pfizer included a six percent rise on the cost of Xeljanz, a treatment for autoimmune diseases including rheumatoid arthritis and ulcerative colitis, and 7.9 percent increases on cancer drugs Ibrance and Xalkori. 

Drugmakers hiked up the prices of more than 770 drugs in 2024 alone — including medications used daily by millions of Americans

Pfizer said the rises were necessary to support investments in drug discovery.

Without insurance, primary care visits  can range from $150 to $300 just to be seen by a doctor.

However, with insurance, copays typically range from $10 to $50. 

Tim Lash, president of West Health Policy Center, stated that the only way to decrease the gap and make healthcare affordable was through change in governmental policy. 

He noted in a news release: ‘The rising trajectory in the inability to pay for healthcare is a disturbing trend that is likely to continue and even accelerate. 

‘Policy action at both the state and federal level is urgently needed, or even more Americans will have to go without treatment or be forced to make painful tradeoffs between paying for medical care or paying for other necessities. 

‘The human and economic costs are enormous.’ 

This is a breaking news story. More to come.