US President Donald Trump has issued a series of executive orders to massively lower prescription drug prices and widen Americans’ access to life-saving medications, including insulin.
The American President’s latest orders are aimed more at bringing transparency and cutting the role middlemen play in the trade. At the same time, the order will have some impact on Indian generic pharmaceutical companies, especially those selling speciality and biosimilar drugs.
The orders, signed on July 25, included allowing certain drugs to be imported from Canada and ensure that the discounts negotiated by middlemen, who are known as pharmacy benefit managers, are passed on to Medicare patients. The other most radical proposal is to cap the prices of Medicare Part B drugs to the lowest price available in countries economically comparable to the US.
Medicare is a US federal health insurance programme that covers people who are above 65 years, people with permanent disabilities, and end-stage renal patients.