Trump Secures Agreements with Nine Pharmaceutical Companies to Reduce Drug Costs
POLICY WIRE — Washington, D.C. — President Trump revealed on Monday that his administration has reached agreements with nine additional pharmaceutical companies to help reduce consumer drug prices....
POLICY WIRE — Washington, D.C. — President Trump revealed on Monday that his administration has reached agreements with nine additional pharmaceutical companies to help reduce consumer drug prices.
During an announcement at the Oval Office, Trump stated, In total, these agreements are expected to save Americans more than $600 billion over a very short period of time. This move is part of a broader initiative to lower prescription drug costs.
Last July, Trump had sent letters to 17 major pharmaceutical companies urging them to voluntarily lower their drug prices. Earlier this year, the administration also introduced TrumpRx, a website offering discounts on name-brand medications, including GLP-1 drugs, inhalers, and antibiotics.
With these new agreements, 26 companies now represent 90% of the domestic pharmaceutical market. Trump emphasized, The other 10% are also coming in. They have no choice.
The nine new firms that have agreed to offer consumer discounts are midsize pharmaceutical companies. They include Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals, and UCB.
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According to a White House fact sheet, these companies will provide access to their drugs to every state Medicaid program in the U.S., resulting in billions of dollars in savings for Americans. Additionally, the companies have committed to spending $19.6 billion on manufacturing.
Reporting by Policy-Wire (PW)
