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Business Times
an hour ago
- Business Times
Trump pressures 17 pharma CEOs to cut US drug prices
[WASHINGTON] President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash US prescription drug prices to match those paid overseas, the White House said on Thursday. Trump signed a sweeping executive order in May demanding drugmakers cut US medicine prices to match those abroad, saying that if companies did not comply, the government could use rulemaking to bring prices down or pursue other measures, such as importing cheaper medicines from overseas. Trump sent the letters to the chief executives of Eli Lilly, Sanofi, Regeneron, Merck & Co, Johnson & Johnson and AstraZeneca, among others, the White House said. 'Most proposals my Administration has received to 'resolve' this critical issue promised more of the same; shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry,' Trump wrote in the letters, copies of which were posted on his Truth Social account. Shares of Pfizer, Eli Lilly and Gilead Sciences closed down about 2 per cent each, while the NYSE Arca Pharmaceutical Index fell 3 per cent on Thursday. Trump called on drugmakers to provide so-called most-favoured-nation prices to every patient enrolled in the government Medicaid health programme for low-income people, and to guarantee such pricing for new drugs. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The policy is aimed at cutting US prescription drug prices to the lowest possible price paid by members of the Organisation for Economic Co-operation and Development, which includes most of the world's largest economies. Trump also said companies must return excess overseas revenue from raising prices in other countries to offset lower prices in the US to American patients and taxpayers through an agreement with the government. He is requiring drugmakers to stipulate they would not offer other developed nations better prices than what they offer the United States, and said his administration would provide ways to cut out middlemen and sell directly to patients, provided they do so at most-favoured-nation prices. Trump gave companies until Sept 29 to respond with binding commitments to those terms. 'If you refuse to step up, we will deploy every tool in our arsenal to protect Americans from abusive drug pricing practices,' he warned. Analysts, lobbyists and drug pricing experts said it seemed unlikely that the pharmaceutical companies would comply with Trump's demand to lower US prices. 'I might expect them to try to determine if any of their current products might be made available via direct sales (one of the requests) at a lower price than currently available in the US,' said Stacie Dusetzina, professor of health policy at Nashville's Vanderbilt University. UBS analyst Trung Huynh said Trump's letters were a repeat of earlier demands and played down any likely industry impact, calling it 'just another shot in the dark.' Trump has already pushed for voluntary changes and some companies have pledged to build new US manufacturing plants. US patients pay by far the most for prescription medicines, often nearly three times more than in other developed nations. The country also invests heavily in pharmaceutical research and development. Drugmakers have said drastic price cuts would stifle innovation. Pharmaceutical companies including Pfizer, Novartis, AbbVie and German Merck KGaA's US division, EMD Serono, said they were open to working with the Trump administration. Pfizer is working closely with the Trump Administration and Congress to improve access and affordability for American patients, said spokeswoman Amy Rose. 'Our discussions have been productive,' she said. REUTERS
Straits Times
7 hours ago
- Straits Times
Trump pressures 17 pharma CEOs to cut US drug prices
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump has sent letters to the chief executives of 17 major pharmaceutical companies, urging immediate action to lower the cost of prescription drugs for Americans. WASHINGTON - US President Donald Trump sent letters to the chief executives of 17 major pharmaceutical companies, urging immediate action to lower the cost of prescription drugs for Americans, the White House said on July 31. Letters were sent to top executives at Eli Lilly, Sanofi, Regeneron, Merck & Co, Johnson & Johnson, and AstraZeneca, among others. Copies of the letters were posted on Mr Trump's Truth Social account. The president is calling on the companies to extend most favoured nation pricing to Medicaid, guarantee such pricing for new drugs, and return excess overseas revenue to American patients and taxpayers, without providing details. Mr Trump has given the companies until Sept 29 to respond with binding commitments to those terms. 'According to recent data, the prices that Americans have been paying for brand name drugs are more than three times the price other similarly developed nations pay,' said White House press secretary Karoline Leavitt. She added the administration will 'deploy every tool in our arsenal' to end 'abusive drug pricing practices.' REUTERS White House press secretary Karoline Leavitt holding up a letter from US President Donald Trump to Mr David Ricks, Eli Lilly's CEO, during a media briefing on July 31. PHOTO: NYTIMES
International Business Times
9 hours ago
- International Business Times
Trump Threatens 35% Tariff on Canada Over Palestinian Statehood Support
President Donald Trump escalated tensions with Canada on Wednesday, announcing that it would be "very hard" to reach a trade agreement after Canada publicly supported the recognition of Palestinian statehood. The move comes just a day before Trump's self-imposed August 1 deadline for a new tariff deal with Canada. X If no agreement is reached, the U.S. will impose a sweeping 35% tariff on all Canadian imports not covered by the U.S.-Mexico-Canada Agreement (USMCA). The warning was delivered via Truth Social, where Trump reacted sharply to Canada's announcement. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them," he posted. Canadian Prime Minister Mark Carney had earlier described talks with Washington as "constructive," though he admitted that a full deal to remove all tariffs was unlikely before the deadline. Trade negotiations were said to be in an intense phase. Canada remains a critical U.S. trading partner. In 2024, it was the largest buyer of American exports at $349.4 billion and sent $412.7 billion worth of goods to the U.S. It is also the top supplier of steel, aluminum, and vehicles—all of which are facing American tariffs. Adding to the tension, Carney's government recently dropped a planned digital services tax on U.S. tech firms following pressure from Trump. On Wednesday, Carney announced Canada's intention to recognize Palestinian statehood during a U.N. meeting in September, citing the humanitarian crisis in Gaza. "Canada condemns the fact that the Israeli government has allowed a catastrophe to unfold in Gaza," Carney said. The statement drew sharp criticism from both Israel and the U.S. Trump's remarks signal a deeper fracture in the U.S.-Canada alliance, with trade, diplomacy, and global policy now intertwined in a volatile election-year landscape. U.S. President Donald Trump escalated tensions with Canada on Wednesday, declaring that it would be "very hard" to reach a trade agreement after Canada publicly supported the recognition of Palestinian statehood. The move comes just a day before Trump's self-imposed August 1 deadline for a new tariff deal with Canada. If no agreement is reached, the U.S. will impose a sweeping 35% tariff on all Canadian imports not covered by the U.S.-Mexico-Canada Agreement (USMCA). The warning was delivered via Truth Social, where Trump reacted sharply to Canada's announcement. "Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them," he posted. Canadian Prime Minister Mark Carney had earlier described talks with Washington as "constructive," though he admitted that a full deal to remove all tariffs was unlikely before the deadline. Trade negotiations were said to be in an intense phase. Canada remains a critical U.S. trading partner. In 2024, it was the largest buyer of American exports at $349.4 billion and sent $412.7 billion worth of goods to the U.S. It is also the top supplier of steel, aluminum, and vehicles—all of which are facing American tariffs. Adding to the tension, Carney's government recently dropped a planned digital services tax on U.S. tech firms following pressure from Trump. On Wednesday, Carney announced Canada's intention to recognize Palestinian statehood during a U.N. meeting in September, citing the humanitarian crisis in Gaza. "Canada condemns the fact that the Israeli government has allowed a catastrophe to unfold in Gaza," Carney said. The statement drew sharp criticism from both Israel and the U.S. Trump's remarks signal a deeper fracture in the U.S.-Canada alliance, with trade, diplomacy, and global policy now intertwined in a volatile election-year landscape.
