President Donald Trump arrives at the White House Feb. 22 in Washington, D.C. (Tierney L. Cross/Getty Images)
"When healthcare prices are hidden, large corporate entities like hospitals and insurance companies benefit at the expense of American patients," the White House wrote in a statement. "Price transparency will lower healthcare prices and help patients and employers get the best deal on healthcare."
The executive order notes a number of concerns with current healthcare pricing, including that prices vary between hospitals in the same region.
"One patient in Wisconsin saved $1,095 by shopping for two tests between two hospitals located within 30 minutes of one another," according to the statement.
The White House claims one economic analysis found Trump’s original price transparency rules, if fully implemented, could deliver savings of $80 billion for consumers, employers and insurers by 2025.
President Donald Trump signs an executive order in the Oval Office. (Andrew Harnik/Getty Images, File)
A lawsuit was filed against the Biden administration in 2023, alleging it did not enforce the prescription drug transparency requirements.
"While the prior Administration failed to prioritize further implementation and enforcement of these requirements, President Trump is delivering on his promises to make the healthcare system more affordable and easier to navigate for patients," according to the statement.
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Fox News Digital previously reported the administration's tariffs on China will affect drug costs.
Consumers are more dependent on China for medications for anxiety and other psychiatric disorders, such as antidepressants.
Alexandra Koch is a breaking news writer for Fox News Digital. Prior to joining Fox News, Alexandra covered breaking news, crime, religion, and the military in the southeast.
https://www.foxnews.com/politics/trump-signs-executive-order-healthcare-prices-transparent