Graham Statement on President Trump's Executive Order to Lower Prescription Drug Prices for Americans

WASHINGTON - U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after President Donald Trump signed an executive order to lower prescription drug prices for Americans and incentivize other nations to pay for the research and development costs associated with U.S.-made prescription drugs.

"I am very pleased that President Trump is standing up for American consumers when it comes to purchasing prescription drugs.

"Under the current system, the United States pays on average three times more for prescription drugs than other developed nations because other countries set price limits on prescription drugs, creating a situation where Americans pay more because pharmaceutical companies are trying to recoup the research and development costs for these medications.

"President Trump's executive order stipulates that American consumers will receive 'Most-Favored-Nation' treatment by telling pharmaceutical companies they cannot charge Americans more than they are charging people in other developed nations. This will result in reduced prescription drug prices and will shift the cost of research and development to other countries.

"U.S.-based companies conduct more than half of the research and development for all pharmaceutical products, including prescription drugs. It's time for the rest of the developed world to share in the costs of making that happen, instead of only reaping the benefits of American innovation."

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