Trump announces new executive orders to lower drug prices, slash healthcare costs

US President Donald Trump on Friday (local time) signed four executive orders to lower drug prices.

The orders signed by Trump would allow states to develop plans to import cheaper drugs from Canada, eliminate a system of drug discounts known as rebates in a bid to simplify the system and seek to make epinephrine and insulin more affordable for some patients of certain health providers, The Hill reported.

The US President also announced an order seeking to slash the price that Medicare pays for drugs to be in accordance with the prices paid in other countries. However, the order's implementation would be from August 25.

The orders "will lead to a massive reduction in drug costs," said Trump at an event in the White House.

"This is just a big day. I have been waiting for this day for a long time," he added.

He will be meeting drug company executives at the White House on July 28 to discuss the matter.

( With inputs from ANI )