Today's Edition
WASHINGTON (AGENCIES)
US 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 on Monday as global pharma shares traded lower on Monday morning.
On Sunday, Trump said he would sign an executive order to pursue what is known as "most favoured nation" pricing or international reference pricing.
He added that he would sign the executive order bringing the new policy into effect at 9:00 am (1300 GMT) on Monday.
"Most favoured nation" status is a World Trade Organization rule that aims to prevent discrimination between a country and its trading partners, levelling the playing field for international trade.
This is not the first time that Trump has attempted to lower US drug prices.
During his first 2017-2021 term in office, he announced a similar proposal to cut US drug prices but his plans faced strong opposition from the pharmaceutical industry.
