Do you complain about the cost of your prescriptions when you pick them up from the pharmacy?
Are you someone who immediately asks the doctor when they are writing your prescription, “how much will this cost me?”
Well, you may be in luck.
President Trump just signed an executive order that will support importing drugs from Canada, which could lower the cost of prescriptions.
Continue reading, and we’ll tell you what the executive order is what this means for you!
What Is the Executive Order?
According to the Advisory Board, drug importation from Canada aims to lower the prices Americans pay for pharmaceutical drugs. This could also include drugs that the United States produced and exported to other countries and now are reimporting to the United States.
Canada has a reputation for having affordable medication, but do you know why? Their government has an impact on pricing for their prescriptions. And their medications can be substantially more affordable.
Trump mentioned that the executive order would generate “massive” savings. The prescription drugs will be able to be imported to wholesalers or pharmacies.
The administration didn’t provide any estimates for taxpayer savings yet though, since plans have not yet been approved.
In a proposal submitted by one of the states participating, some of the potentially imported drugs included brand-name drugs to treat H.I.V., hepatitis C and multiple sclerosis. These are just a few of the potential prescriptions to have costs lowered by importing drugs from Canada.
Of course, with every rule, there are some exceptions.
The import plan excludes the following:
- Controlled substances
- IV drugs
- Pricey biologics such as insulin and Humira
Insulin was one of the hot topics related to this executive order. Even though they are excluded from this plan, there are some resources where you can learn more about insulin costs in the United States and Canada.
Part of the issue with importing drugs from Canada lies in the safety issues. However, the administration is assuring everyone that they will not take steps that will put anyone at risk.
How Is Everyone Responding?
Everyone probably has a lot of questions about this. Like, can you import drugs from Canada? Or is it legal to import drugs from Canada?
According to this new plan, you can, and it will be legal, well for some states.
Which states do you ask?
Florida, Colorado, Vermont, and Maine are the four states that currently passed legislation to import medicines. Each state will need federal approval to move forward, and each state could have different goals by lowering costs through importation.
In Florida for example, Governor DeSantis has asked lawmakers to establish funds to initiate the importation program that would include 150 drugs across the Medicaid and prison system.
Some are saying this executive order is in response to the upcoming election since Florida is essential to Trump’s campaign. Others are saying it is just a step in a long process to lower pharmaceutical costs and has been in discussion since 1987.
There has been a lot of opposition toward drug price reforms in the past and present. Both the United States and Canadian officials share concerns.
Some United States officials argue that you can not guarantee the safety of the drugs when they come from other countries.
On the other hand, some Canadian sources say the Canadian pharmaceutical industry is too small to really impact the U.S. They are also worried it could cause shortages within Canada.
The question becomes, is importing prescription drugs from Canada to lessen the cost to United States customers mutually beneficial, or a one-way street?
What Does This Mean for You?
If this plan proceeds it will lower the cost of certain prescriptions for United States customers.
For some more common medical needs like blood pressure or cholesterol, which require daily medication, the cost would be less than before.
In comparison to the list prices of other countries’ costs, the United States aims to tie in with the so-called “international pricing index.”
As detailed by The White House, for decades the European Union has had a parallel trade of drugs. It is estimated that this reduced the price of certain prescriptions by nearly 20 percent.
In some cases, this could impact the cost of some of your Medicare drug prices. This could influence your ability to afford appropriate medication and lower the patient number at local hospitals increasing the quality of care.
According to the U.S. Department of Health and Human Services, “access to affordable medicines is a public health priority and bringing more drug competition to the market and addressing high costs are top priorities of the Administration.”
Meaning getting lower costs for you is of utmost importance.
Importing drugs from Canada can seem intimidating. However, there are resources you can use to access medications you need at affordable costs.
Lowering prescription drug costs has been a hot topic for a while now, and importing drugs from Canada is just one measure the United States is attempting to take to accomplish its goal.
The plan was first proposed in July 2020 and won’t be finalized any time soon. Each state will have to submit their own plans for approval before it can take effect.
Many people look for ways to make going to the pharmacy easier, and if it’s cheaper too, its a double whammy.
Check out our services on how you can order medication online and stay tuned for more information about cheaper prescriptions in the future.
- Executive Order on Increasing Drug Importation to Lower Prices for American Patients – whitehouse.gov
- Trump Administration Announces Historic Action to Lower Drug Prices for Americans – hhs.org
- Trump plan would allow states to import drugs from Canada – politico.com
- Trump Administration Takes First Step to Allow Drug Imports From Canada – nytimes.com
- Trump signs executive orders aimed at lowering drug prices in largely symbolic move – washingtonpost.com
- Trump just signed 4 executive orders on Rx drug costs. – advisory.com
- Why is medicine in Canada so cheap? – 90daymeds.com
- A Complete Guide To Insulin Cost In Canada And The USA – 90daymeds.com