As read by George Hahn. https://www.profgalloway.com/the-fix/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
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I'm Scott Galloway, and this is No Mercy, No Malice. We are borrowing trillions of dollars from young people in the form of deficits. If we want to get serious about deficits, all paths lead to the same place. We need to reduce healthcare costs. The Fix, as read by George Hahn.
This week, President Trump signed an executive order to lower drug prices, demanding the U.S. receive most favored nation status from pharmaceutical companies, that they charge Americans the lowest price paid abroad. Trump said his policy would cut drug prices by 59 percent. Quote, whoever is paying the lowest price, that's the price that we're going to get, unquote.
One issue, though, it's bullshit. Pharma stocks fell initially, but they more than recovered once the market realized the executive order is voluntary. The market saw the order as a Mack truck season insect. Barely. The announcement is laughable when set against the regulatory capture of the U.S. healthcare industry. In the Wall Street Journal, historian Niall Ferguson wrote, quote,
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