On July 24, 2020, President Donald Trump signed four executive orders to lower the cost of prescription drugs, including insulin and epinephrine.
Reducing drug prices has been a long-standing campaign promise of the administration. The executive orders focus on insulin prices, drug importation, drug rebates and international pricing.
The four orders include:
1. Executive Order on Access to Affordable Life-saving Medications directs federally qualified health centers (FQHCs) to pass along discounts on insulin and epinephrine received from drug companies to certain low-income Americans.
2. Executive Order on Increasing Drug Importation to Lower Prices for American Patients allows for individual state plans for the importation of certain drugs. The administration has been working with Florida on a method to enable the importation of cheaper Canadian drugs, and may be using Florida as a model for other interested states.
3. Executive Order on Lowering Prices for Patients by Eliminating Kickbacks to Middlemen, prohibits secret deals between drug manufacturers and pharmacy benefit managers.
4. The fourth and final order ensures that the United States will pay the lowest price available in economically comparable countries for all Medicare Part B drugs.
Refer to the attached News Brief for additional details.