A new executive action from President Trump is aimed to lower prescription drug prices in Nevada and across the United States. While these savings aren’t entirely guaranteed and won’t be felt immediately, it does provide some potential relief for the future. Here’s what you need to know.
Proposed benefits with the new executive order to lower drug prices in Nevada
The most obvious benefit to the executive order from President Trump is to lower drug prices in Nevada, but it’s not as easy as snapping your fingers to get lower pricing.
Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. has been instructed to work with Congress to address drug pricing imbalances without increasing Medicare spending. But in addition to the direct effort from RFK and HHS, there are many other nuances that come with this executive order to help lower drug prices in Nevada and across the country.
A focus on seniors
First, the new executive order is designed to focus on seniors. The 2022 Inflation Reduction Act created the Medicare drug price negotiation program, which forces drug prices to be renegotiated after a set period of time. This executive action enhances the program to lower drug prices in Nevada and the U.S. even farther.
In 2024, Medicare negotiated prices for 10 drugs. An additional 15 drugs, including Ozempic, will be negotiated this year under the new executive order. The Trump Administration claims this effort will surpass the Biden Administration’s savings.
Address drug approval imbalance
Along with price negotiations, the new executive order also aims to address the drug approval imbalance. Currently, it takes 7 years for small molecule drugs to be approved, while it takes 11 years for biologics. Under the current system, drug manufacturers tend to invest more in biologics because they can stay on the market for longer.
The Trump Administration aims to fix the disparity between the small molecule drugs and biologic approval times, so pharmaceutical companies can focus on creating drugs that are safe, effective, and affordable, rather than trying to create only biologics.
Faster approvals for state drug importation programs
The Federal Drug Administration (FDA) has also been directed to speed up approvals for state drug importation programs. Not only will drugs be approved faster, but they will also be imported faster and from more sources — meaning greater access to cheaper generics and biosimilars.
Currently, Florida is the only state with FDA approval to import drugs from Canada, but it hasn’t started yet.
Revived insulin program
During his first term, President Trump enacted a low-cost insulin and epinephrine program that was rolled back after he left office. With this new executive order, the White House aims to revive the program, making life-saving insulin and epinephrine more affordable for everyone.
If the proposed program takes effect, insulin could cost as little as 3 cents per vial, plus a small fee. Epinephrine auto injectors would cost only $15. This would be a massive win for lower drug prices in Nevada and across the country.
Align payment systems across care settings
Different healthcare providers use different systems to acquire and pay for drugs. And those systems don’t always align with Medicare payments, leaving room for excess cost to patients.
Part of the executive order aims to align Medicare payments with hospital acquisition costs and unify payment systems across different care settings. This new system would be more transparent and affordable for patients and Medicare members.
Lower drug prices in Nevada won’t appear right away
This is the government we’re talking about, so Medicare members won’t feel the cost-saving effects right away.
Drug price negotiations take years to go into effect, so Biden-era negotiated prices take effect in 2026. That means Trump’s new negotiations won’t affect prices until 2027. Which unfortunately means we’ll have to wait a little longer to see the benefits.
The tariffs may also affect the lower drug prices in Nevada. The current administration is investigating the impact of drug and ingredient imports on national security. And with every investigation and tariff, drug prices could increase for certain pharmaceuticals. It’s currently unclear whether tariffs will affect the future impacts of this executive action.
Find the right drug plan to work for your needs
Obviously, there’s a lot happening in the Medicare world. If you or someone you know needs assistance finding a prescription drug plan that works for their needs and budget, contact the exerts at Health Benefits Associates.
Our brokers keep up with the latest changes in the healthcare industry to offer the best prescription drug plans to fit your needs. Set up an appointment by calling 775-828-1216 today, and find lower drug prices in Nevada to ease your budget.
