Trump issues drug pricing ultimatum to biopharma CEOs
Trump to biopharma CEOs: accept an international reference pricing scheme or propose alternative
President Donald Trump Friday gave biopharma CEOs a choice: accept an international reference pricing scheme for biologics or propose an alternative that achieves the same goals.
The ultimatum was issued at a White House event where Trump signed four executive orders that he said would quickly lead to “massive reductions in drug costs.” It isn’t clear, however, when or whether they will go into effect.
Reflecting broad opposition from conservative Republicans, the president delayed implementation of the most substantial order, one that could set in motion a process to cap Medicare Part B prices at levels paid in other countries. The order, Trump said, will be tabled until Aug. 24 to give pharma CEOs time to propose an alternative.
Orders green-lighting initiatives to require Medicare Part D plans