Trump's prescription drug price cut smashes Australia

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Trump's prescription drug price cut smashes Australia #breakingnews #healthcare #politics #trump #australia #albanese Donald Trump has signed an executive order, described as a “game changer”, which could hit Australia harder than any of his other moves since taking office. The US President claims his order will cut drug costs for American consumers, “almost immediately”, by up to 80 per cent. It directs Health and Human Services Secretary Robert F. Kennedy Jr to have the government buy prescription drugs directly from the manufacturers at what Mr Trump is calling “the most-favoured nation price”. What that means, in essence, is the US government will buy drugs at the lowest price they’re being purchased for in other countries. Mr Trump is of the opinion that this will lead to lower prices in the United States, and that pharmaceutical companies will compensate by charging the rest of the world more. Hence the risk that drug prices will rise in Australia. The President tried something similar during his first term in office, but was stymied by the courts. He then changed his mind during last year’s election campaign against Kamala Harris, slamming the idea as ineffective government overreach when she proposed it. And now he’s changed his mind again, recommitting to the policy. “We are subsidising others’ healthcare, where they paid a small fraction of what we pay,” Mr Trump said today, at a White House event where he signed the executive order. “Even though the United States is home to only 4 per cent of the world’s population, pharmaceutical companies make more than two-thirds of their profits in America. “That’s not a good thing.” “I will be instituting a MOST FAVORED NATION’S POLICY whereby the US will pay the same price as the Nation that pays the lowest price anywhere in the World,” Mr Trump wrote on social media yesterday. “Our Country will finally be treated fairly, and our citizens’ Healthcare Costs will be reduced by numbers never even thought of before. “On top of everything else, the United States will save TRILLIONS OF DOLLARS.” The federal government spent $17.7 billion on subsidising medicines in the 2023-2024 financial year. Without a concession card, the maximum cost of a script in Australia for a drug under the Pharmaceutical Benefits Scheme is $31.60. With a concession card, the maximum cost of a script is just $7.70. As part of a budget measure, the Australian government released a PBS cap for pensioners and concession card holders, meaning that the $7.70 price would be frozen until June 31, 2029. However, the government may be forced to increase the cost of medications for non-concession cardholders as pharmaceutical companies look to recoup their losses. Neuren Pharmaceuticals, which sells drug therapies in the US, fell 9.6 per cent over the course of the day, the worst of any stock on the ASX 200 on Monday. Aussie companies Clarity and Telix, which also sell in the US, fell more than eight per cent. Connect With news.com.au Online ► [https://www.news.com.au] https://bit.ly/3WC8hOP ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Follow Us: Facebook ► [https://www.facebook.com/news.com.au/] Instagram ► [https://www.instagram.com/newscomauhq/?hl=en] Podcast ► [https://newscomau.org/FromTheNewsroom] TikTok ► [@news.com.au] Twitter ► [https://twitter.com/newscomauHQ] ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Subscribe To Our YouTube Channel For The Very Latest News From Australia And Around The World: ► [https://www.youtube.com/@newscomauhq] ► [https://www.youtube.com/@newscomauhq/shorts] ► [https://www.youtube.com/@newscomauhq/videos] ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬