President Donald Trump says he will sign an executive order to cut prescription drug prices by 30% to 80%, calling it a step to make drug costs fair for Americans.
In a post on Truth Social, Trump called the forthcoming order one of the most consequential in American history, saying it would immediately drive down the cost of life-saving medications and end the decades-long practice of Americans paying far more than other nations for the same drugs.
“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,” Trump wrote. “Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately.”
The United States currently spends over $400 billion annually on prescription drugs — more than any other country in the world. Trump pointed out that Americans are often charged five to ten times more for the same drug made in the same facilities overseas.
In his announcement, Trump condemned both pharmaceutical companies and Democratic leaders for maintaining a system that he said exploited American consumers. “Campaign contributions can do wonders, but not with me, and not with the Republican Party,” he stated. “We are going to do the right thing, something that the Democrats have fought for many years.”
The policy revives a proposal from Trump’s first term, which sought to tie Medicare drug payments to the lowest prices paid by other economically advanced countries.
At the time, that initiative was blocked in court, largely because Medicare lacked the legal authority to negotiate prices. However, that barrier was lifted in 2022 with the passage of the Inflation Reduction Act, which granted Medicare limited negotiation powers.
Trump’s original “most favored nation” plan was projected to save the federal government $85 billion over seven years, though critics warned it could affect patient access depending on how it was implemented. Trump has yet to release the full text of the new order, but he said details would be revealed at a signing ceremony Monday morning at the White House.
The executive order also directs the Department of Health and Human Services to push forward efforts to allow states to import lower-cost prescription drugs, especially from Canada — a measure intended to give states new tools to lower prices independently.
A White House fact sheet from April also noted that the executive action would extend deep discounts to low-income Americans for essential medications like insulin, further expanding access to affordable healthcare.
While the pharmaceutical industry is expected to push back hard against the new rule, Trump’s allies view this move as a direct challenge to entrenched corporate interests — and a major win for everyday Americans burdened by rising healthcare costs.