US President Trump pledges to cut US prescription drug prices by 80%

US President Donald Trump has vowed to provide Americans relief from high medication costs by reducing the prices of prescription drugs and pharmaceuticals in the country between 30 to 80 per cent. In a social media post, President Trump promised to sign the order in this regard today. He also cited years of frustration for US consumers in paying significantly higher prices for medications than people in other countries. The new policy is expected to tie the cost of drugs sold in the United States to the lowest price paid by any other country for the same drug. A most favoured nation’s policy will be introduced for it. The US President also accused pharmaceutical companies of exploiting Americans by citing research and development costs to justify inflated prices. The move is expected to slash prices of cancer treatments and other injectable medications in the US. President Trump said the new policy will also force prices to rise in other countries to match, calling it a matter of fairness.