Trump 2.0 Day 1: Higher Prescription Costs for Seniors

One of the first actions taken by Donald Trump after assuming office was to rescind President Biden’s Executive Order 14087 of October 14, 2022 (Lowering Prescription Drug Costs for Americans). For a politician who ran on the promise to address rising costs of living, it is both disappointing, but not at all surprising, that Mr. Trump would seek to raise costs for Americans, and especially seniors, right out the gate.

Millions of American seniors have benefitted from Medicare’s negotiating lower drug prices with pharmaceutical companies. Even Americans not on Medicare benefit since many insurance plans follow Medicare pricing schedules. But clearly saving Americans money isn’t a goal of this new administration; allowing Mr. Trump’s millionaire and billionaire benefactors to make a quick buck off the backs of some of the most vulnerable and the taxpayers apparently is.

We can plainly see why Mr. Trump wants the price negotiation to stop. The fifteen drugs that have been identified for the next round of negotiations, along with the 10 already negotiated for, represent a third of Medicare Part D’s prescription expenses. Negotiating drug prices both reduces what seniors have to pay out-of-pocket but saves the taxpayers money as well.

Finally, Mr. Trump’s order reversing E.O. 14087 called it an ‘illegal’ practice. It clearly is not as the ability for Medicare to negotiate drug prices was explicitly authored by the Inflation Reduction Act of 2022. Less than 24 hours into his administration, Mr. Trump is not only lying to the public but appears to be flouting Congress’ authority as well.