For decades, the United States has led the world in developing groundbreaking medications that allow patients to live longer and healthier lives. Despite these contributions, American families pay substantially higher prices for these breakthroughs than patients in any other country. The Trump administration just announced a major new policy to ensure seniors with chronic conditions can access the medications they need at their lowest global price.

In December, the U.S. Department of Health and Human Services announced the creation of a new Medicare pilot program, the Global Benchmark for Efficient Drug Pricing Model, to ensure millions of seniors pay the same low price for prescription drugs as individuals in other wealthy countries. Under this program, millions of Medicare enrollees who purchase brand-name drugs for conditions such as cancer, autoimmune disease, and rheumatoid arthritis will be able to buy them at the same low cost as other prosperous countries. If drug manufacturers fail to charge these selected Medicare enrollees the lower international price, they will have to repay the difference to Medicare in the form of a rebate.

This reform addresses the long-standing practices that raise U.S. drug prices and threaten the health of sick........

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