Nearly half of prescription prices rose higher than the rate of inflation between 2022 and 2023.
President Donald Trump sent letters to over a dozen pharmaceutical companies at the end of last month urging them to lower the cost of their prescription drugs in the United States to the prices at which they are offered overseas. Many drug companies sell their products to American patients with high mark-ups compared to other nations, sometimes reaching amounts equivalent to 10 times the price.
”Make no mistake: a collaborative effort towards achieving global pricing parity would be the most effective path for companies, the government, and American patients,” President Trump wrote in the letters. “But if you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.”
According to the Department of Health and Human Services, prescription drug prices rose over 15 percent between January 2022 and January 2023. Forty-six percent of the 4,200 listed drugs saw price increases that exceeded inflation rates.
President Trump explained his administration’s goal when he signed an executive order regarding prescription pricing in May, “The principle is simple – whatever the lowest price paid for a drug in other developed countries, that is the price that Americans will pay.”
As the Lord Leads, Pray with Us…
- For President Trump as he seeks leverage to bring down the prices of prescription drugs.
- For Secretary Kennedy and HHS officials as they work to improve the government’s health policies and oversight.
Sources: NBC News, Fox News
