President Donald Trump announced plans to cut prescription drug prices, claiming the U.S. will begin paying the "lowest price there is in the world" for medications.
On Monday, he signed a "most-favored nation" executive order, which aims to ease the burden of prescription drug costs, a long-standing concern for many Americans.
Here's what to know:
"The United States will no longer subsidize the health care of foreign countries, which is what we are doing. We're subsidizing others," Trump said during a Monday press conference, explaining that countries were paying "a small fraction" of the price as the U.S. for the same drug.
In some cases, the U.S. was paying "ten times more" for the same drugs, he said. Trump also said pharmaceutical companies make more than two-thirds of their profits in America despite the fact that the U.S. accounts for a small fraction of the world's population.
Trump claimed that following the executive order, "some prescription drug and pharmaceutical prices will be reduced almost immediately by 50 to 80 to 90%." This marked an increase from a Sunday post on Truth Social, in which he said prescription drug and pharmaceutical prices would be "immediately" cut "by 30% to 80%."
