US President Donald Trump has outlined a plan to cut down the price of prescription drugs during a speech at the White House Rose Garden.
The plan, called American Patients First, focuses on raising competition and lowering regulatory burdens to speed up the process of bringing cheaper drugs to the market.
In his speech, President Trump said that ‘middlemen’ will be removed and lobbying shall be addressed.
A statement from the President read: “Everyone involved in the broken system – the drug makers, insurance companies, distributors, pharmacy benefit managers, and many others – contribute to the problem.”
Under the new scheme, Medicare Part D plans will have tools to negotiate low prices for more drugs designed to encourage drug companies to keep prices low. The new system will tackle exploitation of patent laws and encourage innovation.
The US Food and Drug Administration (FDA) has been instructed to speed up the approval process for over-the-counter medicines to make more drugs without prescription available to patients.
Trump intends to target the pricing of drugs that are more expensive in the US than in other international markets.
Trump added: “In the coming weeks, we will work with Congress to pass legislation that will save Americans even more money at the pharmacy.
“We will work every day to ensure all Americans have access to the quality, affordable medication they need and they deserve.”