tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

Trump Threatens Pharma Giants over ‘Abusive’ Drug Prices

Trump Threatens Pharma Giants over ‘Abusive’ Drug Prices

President Trump has sent letters to 17 major pharmaceutical companies — including Eli Lilly (LLY), Bristol-Myers Squibb (BMY), and Pfizer (PFE) — demanding they reduce drug prices within 60 days.

Elevate Your Investing Strategy:

  • Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

Trump cited his drug pricing executive order signed on May 12 and demanded that Medicaid patients receive most-favored-nation (MFN) drug prices. An MFN drug price refers to a price that is equivalent to or lower than the lowest price paid by another country.

“Right now, brand name drug prices in the United States are up to three times higher on average than elsewhere for the identical medicines,” read the letters posted by Trump to Truth Social. “This unacceptable burden on hardworking American families ends with my Administration.”

Trump Demands Lower Drug Prices for Americans

Trump also requested that Medicare, Medicaid, and commercial payers receive MFN prices for newly-released drugs. He added that excess foreign revenues received by drug companies must be returned to American patients and taxpayers in the form of lower prices.

“But if you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices,” warned Trump.

Follow Trump’s social media posts and analyze their sentiment with TipRanks’ Trump Dashboard.

Disclaimer & DisclosureReport an Issue

1