President Trump announced that he will sign an executive order on Monday to reduce prescription drug and pharmaceutical prices.

“I am pleased to announce that Tomorrow morning, in the White House, at 9:00 A.M., I will be signing one of the most consequential Executive Orders in our Country’s history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%,” Trump said on Truth Social.

“They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!” he added.

Full text:

For many years the World has wondered why Prescription Drugs and Pharmaceuticals in the United States States of America were SO MUCH HIGHER IN PRICE THAN THEY WERE IN ANY OTHER NATION, SOMETIMES BEING FIVE TO TEN TIMES MORE EXPENSIVE THAN THE SAME DRUG, MANUFACTURED IN THE EXACT SAME LABORATORY OR PLANT, BY THE SAME COMPANY??? It was always difficult to explain and very embarrassing because, in fact, there was no correct or rightful answer. The Pharmaceutical/Drug Companies would say, for years, that it was Research and Development Costs, and that all of these costs were, and would be, for no reason whatsoever, borne by the “suckers” of America, ALONE. Campaign Contributions can do wonders, but not with me, and not with the Republican Party. We are going to do the right thing, something that the Democrats have fought for many years. Therefore, I am pleased to announce that Tomorrow morning, in the White House, at 9:00 A.M., I will be signing one of the most consequential Executive Orders in our Country’s history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%. They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA! 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. Our Country will finally be treated fairly, and our citizens Healthcare Costs will be reduced by numbers never even thought of before. Additionally, on top of everything else, the United States will save TRILLIONS OF DOLLARS. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!

From POLITICO:

President Donald Trump plans to revive an effort to dramatically slash drug costs by tying the amount the government pays for some medicines to lower prices abroad, three people familiar with the matter told POLITICO.

ADVERTISEMENT

Trump early next week is expected to sign an executive order directing aides to pursue the initiative, called “most favored nation,” for a selection of drugs within the Medicare program. The idea would use the administration’s authorities to force prices down.

The proposal has not been finalized and could still change as aides work through the specifics, said the people involved in the plan, who were granted anonymity to describe internal deliberations. Trump has not yet personally approved the plan.

The president on Tuesday teased a “very big announcement” within the next week that one of the people familiar characterized as a reference to the drug pricing proposal. The other two did not know whether it was the big announcement but confirmed the drug price plan was likely to be announced in the next week.

“We’re going to have a very, very big announcement to make — like as big as it gets,” Trump said. “It will be one of the most important announcements that have been made in many years about a certain subject.”

Should Trump go ahead with the order, it would represent a major confrontation between the White House and the deep-pocketed pharmaceutical industry.

“Big Pharma’s lobbying of Washington DC has long allowed them to price gouge Americans. No more,” Charlie Kirk commented.

🚨BREAKING: Just a few hours after teasing his most important Truth Social Post ever, President Trump announced that he’ll be signing an EO Monday morning to lower the cost of prescription drugs 30-80%. Big Pharma’s lobbying of Washington DC has long allowed them to price gouge… pic.twitter.com/LNIdILwoim

— Charlie Kirk (@charliekirk11) May 11, 2025

Per NBC News:

Prescription drug prices in the United States are notoriously higher than in other countries — up to 10 times more than in other nations of similar size and wealth, according to the Rand Corporation, a public policy think tank.

Trump initially tried to implement this policy in 2020 as part of a broader effort by his administration to cut U.S. drug costs, but it was halted by a federal judge following a lawsuit from the drug industry.

The plan would have linked the prices of Medicare Part B drugs — which are medications administered in a health care facility, such as chemotherapy drugs — to what countries like Canada, Germany and the U.K. pay.

ADVERTISEMENT

The administration at the time estimated it would save U.S. taxpayers more than $85 billion over seven years.

It’s unclear if Trump’s new plan will once again target only Medicare Part B drugs or include other medications covered under the program.