President Donald Trump accused the world of "freeloading" off "American genius" when it comes to the development and testing of revolutionary new drugs and promised to limit federal payments for some Medicare drugs based on prices paid in other developed countries. Trump called it an "American patients first" approach.
"We are taking aim at the global freeloading that forces American consumers to subsidize lower prices in foreign countries through higher prices in our country," Trump said during a speech at the Department of Health and Human Services. "I have seen it for years and never understood. Same company, same box, same pill, made in the same location, and you will go to some countries and it will be 20 percent [of the cost of drugs in the United States] because of what we pay and in some cases, much less than that. I say, 'Why is this?'"
A coalition of drug makers warned the approach would ultimately hurt U.S. patients.
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