Latest news with #JaredMondschein
CNA
a day ago
- Business
- CNA
CNA938 Rewind - Old rivals, new conversations: Trump -Xi reconnect
CNA938 Rewind US president Donald Trump had what he says is a "very good' call on trade with Chinese leader Xi Jinping. With more talks expected and potential reciprocal visits on the cards, Hairianto Diman and Susan Ng find out if this signals an improving relationship with Jared Mondschein, Director of Research, The United States Studies Centre
ABC News
29-05-2025
- Business
- ABC News
Elon Musk leaves DOGE after criticising Trump's 'big beautiful' tax bill
Jared Mondschein from the US Studies Centre examines the impact Elon Musk had during his time within the Trump administration leading DOGE.
The Guardian
13-05-2025
- Health
- The Guardian
Experts warn Trump order demanding cheaper medicines for US could push up Australian prices
Donald Trump's pressure on medicine companies could drive up the cost of Australia's Pharmaceutical Benefits Scheme (PBS) or see companies withdraw some medicines from Australian shelves , experts have warned. The US president on Monday threatened to force medicine companies to lower their prices in the US, giving them 30 days to cut costs or face more severe action in an executive order. Faced with lower American profits, companies would be likely to demand higher prices elsewhere in the world and reject the lower prices offered by the Australian government, according to Flinders University health economist Prof Jonathan Karnon. 'It's a pretty high probability,' Karnon said. 'Either the Australian government will have to pay more, or the Australian consumers won't have access to as many new pharmaceuticals as they used to have.' Sign up for Guardian Australia's breaking news email Trump's threats to force down prices and profits should be taken seriously given domestic political pressures in a country where millions of people cannot afford life-saving drugs, said Jared Mondschein, research director at the United States Studies Centre. 'Companies may decide that it's simply not worth their while to be listed in Australia if the price is not high enough, because the United States will say, 'Look, it's not fair for you to be giving them that price, but not us,'' Mondschein said. Monday's executive order did not single out Australia, instead pointing to prices in other countries generally and demanding companies offer comparably low prices to Americans. A report by research organisation Rand found that US drug prices were nearly four times higher on average than those in Australia and nearly three times higher than those in the OECD overall. Mondschein suggested Trump may see the action as politically necessary given his declining approval rating and longstanding calls for cheaper healthcare for Americans. The Albanese government, which campaigned on protecting cheaper PBS medicines, indicated it would not pass on higher prices to Australia consumers. 'Our task is crystal clear: to strengthen Medicare, protect the PBS, deliver generational reform to aged care, and secure the future of the NDIS,' the health minister, Mark Butler, said on Monday. Asked how the government was responding to the new US policy, a spokesperson reaffirmed that affordable medicines and the PBS were 'not up for negotiation'. Labor was on Tuesday assessing how the policy could impact Australian households and industry, as was pharmaceutical industry body Medicines Australia. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion 'There is a lot that remains unclear,' Medicines Australia said in a statement. American pressure on Australian pharmaceutical prices arose earlier in 2025 – while the Trump administration was considering its first round of tariffs – when American industry took aim at the PBS not allowing them to charge Australians more and for delays getting their products to market. The Pharmaceutical Research and Manufacturers of America (PhRMA) hit back at Trump's Monday announcement, but continued to demand action against foreign companies. 'Importing foreign prices from socialist countries would be a bad deal for American patients and workers,' the PhRMA president, Stephen J Ubl, said in a statement. 'To lower costs for Americans, we need to address the real reasons U.S. prices are higher: foreign countries not paying their fair share.' Australia's pharmaceutical sector, which Westpac estimated sent more than half its exports to the US in 2024, had so far been exempt from US tariffs but the Trump administration in April was investigating further measures. Australian investors sold pharmaceutical shares on Monday, fearing a more severe executive order, but bought back in on Tuesday after the formal announcement, lifting local drugmakers CSL, Neuret and Telix.
News.com.au
12-05-2025
- Business
- News.com.au
Trump new executive order to smash Aussies
Donald Trump is about to sign an executive order described as a 'game changer' that could hit Australians harder than any of his previous moves since taking office. The plan, announced by the US president on his Truth Social platform in a sprawling long-winded message, will see US drug costs cut 'almost immediately' by up to 80 per cent. The ramifications for the rest of the world could be significant — including Australia where the newly-reinstated Albanese Government could be forced to increase the cost of medications to Australians. The US President announced he would be signing an executive order on Monday morning (Tuesday AEST) to reduce the costs of medications by 30 to 80 per cent, in a move that has sent ASX-listed pharmaceutical companies crashing. 'I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World,' Mr Trump posted Sunday. 'Our Country will finally be treated fairly, and our citizens' Healthcare Costs will be reduced by numbers never even thought of before. 'On top of everything else, the United States will save TRILLIONS OF DOLLARS.' Jared Mondschein, who is Director of Research at the US Studies Centre at the University of Sydney, said the move is set to impact all developing countries as pharmaceutical companies look to 'balance out' their lost profits from the drop in US medication costs. The federal government spent $17.7 billion on subsidising medicines in the 2023-2024 financial year. Without a concession card, the maximum cost of a script in Australia for a drug under the Pharmaceutical Benefits Scheme is $31.60. With a concession card, the maximum cost of a script is just $7.70. As part of a budget measure, the Australian government released a PBS cap for pensioners and concession card holders, meaning that the $7.70 price would be frozen until June 31, 2029. However, the government may be forced to increase the cost of medications for non-concession cardholders as pharmaceutical companies look to recoup their losses. 'There is clearly a dynamic that the US feels that the US' allies and partners are not paying their fair share. It's a tough predicament,' Mr Mondschein said. 'It will affect most of the developed world, and it's not like the US is angry with Australia and that's in the crosshairs; it was just a matter of time.' Mr Mondschein said that he was surprised it took Mr Trump more than 100 days to act on the issue; however, he believes the immediacy and timing of the policy is a way for the US President to gain a bit of favour back with the US people. 'I think anyone that says they're surprised by Trump doing this was not paying attention,' Mr Mondschein said. The announcement has already had a huge impact on Australia's pharmaceutical industry, with ASX-listed companies crashing on Monday in fear of being forced to reduce their drug prices. Neuren Pharmaceuticals, which sells drug therapies in the US, fell 9.6 per cent over the course of the day, the worst of any stock on the ASX 200 on Monday. Aussie companies Clarity and Telix, which also sell in the US, fell more than eight per cent. Beef production soars amid Trump tariffs On the opposite end of the scale, Australia's beef production soared to a record high in April despite US President Donald Trump singling out beef exporters during his reciprocal tariff speech. New figures released by the Meat and Livestock Australia global supply analyst Tim Jackson shows Australian beef exports continued to rise last month. According to the figures beef exports for the month of April came in at 127,172 tonnes, up 21 per cent compared to this time last year. North America remained the largest market, with exports to the United States rising 37 per cent year-on-year to 37,213 tonnes and exports to Canada rising 40 per cent to 3.322 tonnes. The MLA said the spike in sales in April follows a broader market trend, which started prior to the Trump administrations tariff announcement. 'The spike in April 2025 is part of a broader trend following a record-breaking 2024, where Australia exported 2.24 million tonnes of red meat to 104 countries, the highest volume ever recorded,' the MLA said in a statement to NewsWire. 'April's volumes reflect this continued momentum supported by mature cattle and sheep herds leading to increased slaughter and supply as well as favourable global conditions and demand.'
Daily Mail
12-05-2025
- Health
- Daily Mail
Australia's concerns realized after Trump's latest executive order
By The price of medicines in Australia could rise after Donald Trump's announcement that he will sign an executive order aimed at slashing drug prices in the United States. Trump says he will sign the order at 9am on Monday (local time) from the White House, claiming it will reduce US drug prices by between 30 to 80 per cent 'almost immediately.' Posting to Truth Social, Trump wrote that prices would 'rise throughout the World in order to equalise and, for the first time in many years, bring FAIRNESS TO AMERICA!' The order is already being described by supporters as 'one of the most consequential Executive Orders in our country's history', though full details remain unclear. The move is raising concerns globally, including in Australia, about how the move could impact local medication prices. Jared Mondschein, who is the research director at the United States Studies Centre at the University of Sydney , says the announcement is no surprise. 'It's no surprise that the White House has finally moved on the issue of US drug prices,' he said. 'What's surprising is that it took them 100 days to act. Americans pay three to four times more for prescription drugs than people in other countries. 'One of the main reasons Donald Trump gained traction in the first place was because voters were frustrated with the high cost of healthcare and medications.' Mr Mondschein warned the move could lead to higher drug prices in Australia as pharmaceutical companies seek to balance the global market. 'It doesn't take much digging to see that Americans have effectively been subsidising the development of cutting-edge pharmaceuticals for the rest of the world,' he said. 'It's not that Americans don't want to see innovation continue, they just want other countries to start paying their fair share.' Australians currently enjoy the Pharmaceutical Benefits Scheme, which reduces the wholesale prices retail chemists have to pay for subsidised drugs so the sick and the elderly can buy prescription medicines cheaply. The federal government spent $17.7billion on subsidising medicines in the 2023-2024 financial year - with this move raising the possibility that more taxpayer money may have to be funnelled to keeping prices down. Mr Mondschein compared the move to Trump's previous trade tactics. 'Just as Trump's tariffs pushed nations to rethink supply chains, and rising global tensions have driven up defence budgets, countries must now also ramp up their health investment,' Mr Mondschein said. He warned nations could be left behind if they weren't willing to pay more. 'The reality is, if a country won't meet a sustainable price point, it may simply be excluded from the latest treatments,' Mr Mondschein said. He also warned this approach is not exclusive to Trump or republicans. 'Some might view this as a uniquely Trump-style announcement,' Mr Mondschein said. 'But it's worth noting what the Biden administration has actually done. Things are shifting.' Mr Mondschein said it remains to be seen what the new executive order will actually contain. 'The real question now is how this reform will be implemented,' he said. 'Trump talked about cutting drug prices during his first term, but wasn't able to get it done. 'The devil, as always, is in the details - but the political pressure to act is undeniable.' Trump's announcement sparked a flurry of responses on social media with Aussies slamming the insane costs in the US healthcare system. 'As a type 1 diabetic, the price they pay in the US for insulin has made me sick, as so many just couldn't afford this lifesaving med, it's criminal!' one wrote. 'Even if Trump manages to reduce prices by 80 per cent like he claims, they'll still being paying USD$20 or more!' another added. Want more stories like this from the Daily Mail? Hit the follow button above for more of the news you need.
