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Time of India
an hour ago
- Business
- Time of India
Trump pressures 17 pharma CEOs to cut US drug prices
Donald Trump has asked major pharmaceutical companies to lower US drug prices. He wants them to match the prices paid in other countries. Trump sent letters to companies like Eli Lilly and Pfizer. He wants them to offer the best prices to Medicaid patients. Trump has given the companies time until September 29 to respond. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash U.S. prescription drug prices to match those paid overseas, the White House said on signed a sweeping executive order in May demanding drugmakers cut U.S. 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 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 of Pfizer , Eli Lilly and Gilead Sciences closed down about 2% each, while the NYSE Arca Pharmaceutical Index fell 3% on called on drugmakers to provide so-called most-favored-nation prices to every patient enrolled in the government Medicaid health program for low-income people, and to guarantee such pricing for new policy is aimed at cutting U.S. 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 also said companies must return excess overseas revenue from raising prices in other countries to offset lower prices in the U.S. to American patients and taxpayers through an agreement with the 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-favored-nation gave companies until September 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 lobbyists and drug pricing experts said it seemed unlikely that the pharmaceutical companies would comply with Trump's demand to lower U.S. 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 U.S.," said Stacie Dusetzina, professor of health policy at Nashville's Vanderbilt 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 U.S. manufacturing plants.U.S. 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 companies including Pfizer, Novartis , AbbVie, and German Merck KGaA's U.S. division, EMD Serono, said they were open to working with the Trump 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.
Time of India
5 hours ago
- Business
- Time of India
Donald Trump's crackdown at pharma: 'Americans need lower drug prices'; sets 29 September deadline or face action
US President Donald Trump issued a sharp warning to pharmaceutical giants, calling on them to slash prescription drug prices in the United States or face the consequences. In letters addressed to 17 major drug companies, Trump urged them to cooperate with his administration to implement sweeping reforms aimed at lowering costs for American patients, who currently pay some of the highest drug prices in the developed world. These firms are Eli Lilly and Company, Sanofi, Regeneron Pharma, Merek, GSK, Johnson & Johnson, Genentech, Amgen, AstraZeneca, Novo Nordisk, Pfizer, EMD Serono, Gilead Sciences, Novartis, Bristol Myers Squibb, Boehringer Ingelheim, AbbVie. 'If you refuse to step up we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices,' Trump wrote in the letters, which were published on his platform, Truth Social. The push follows an executive order Trump signed on May 12, 2025, titled Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients. The order is designed to end what Trump called 'global freeloading' by foreign governments benefiting from lower prices on American-developed medicines. According to the White House, drug prices in the US are on average up to three times higher than in other developed countries for the same medications. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Learn More Undo Trump has blamed this on 'an unacceptable burden on hardworking American families' and vowed to put a stop to it. In the letters, Trump said that most proposals his administration had received from the pharmaceutical industry offered 'more of the same: shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry.' Instead, he laid out a clear list of demands to be fulfilled within 60 days: Extend most-favored-nation (MFN) pricing to Medicaid: Offer the full portfolio of existing drugs at MFN rates to all Medicaid patients. Guarantee MFN pricing for newly launched drugs: Ensure MFN pricing applies to Medicare, Medicaid and commercial payers for all new drugs at launch and beyond. Return increased revenues from abroad to American patients and taxpayers: Trump said domestic MFN pricing should push drug makers to negotiate tougher deals with foreign buyers, and the extra revenue must be used to lower domestic costs. Enable direct purchasing at MFN pricing: Adopt direct-to-consumer and direct-to-business distribution for widely used prescription drugs, allowing Americans access to the same low prices typically reserved for third-party payers. 'My team, including secretary Kennedy and Administrator Oz, stand ready to implement these terms,' Trump said. 'I expect you to further engage with them immediately, in good faith, to deliver relief for American families.' The US President highlighted achieving global price parity would be the most effective outcome for all stakeholders, but he warned that failure to comply would prompt government action. 'Americans are demanding lower drug prices and they need them today,' he added. 'Other nations have been freeloading on US innovation for far too long; it is time they pay their fair share.' He concluded the letter by asking for binding commitments by September 29, and promised support for implementation queries. The move marks one of Trump's most aggressive attempts to tackle the long-standing issue of inflated prescription drug prices in the United States. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Business Recorder
5 hours ago
- Automotive
- Business Recorder
European stocks end at over one-week low
FRANKFURT: European shares closed at a more than one-week low on Thursday, as investors were disappointed by a series of corporate reports from the likes of Sanofi and Ferrari, while beverage makers slid as they were faced with a 15% US tariff. Earnings were in full swing in Europe this week as traders gauged the impact US tariffs were likely to have on corporate performance for the rest of the year. The pan-European STOXX 600 index finished 0.75% lower, with Italian stocks underperforming the most in major markets with a 1.5% decline. Italian luxury carmaker Ferrari slid 11.7% - marking its biggest one-day drop since its listing nine years ago. The stock also weighed on the broader STOXX automobile sector which was down nearly 4%. The sports-car maker maintained its annual forecasts and said that it will reduce the price compensation it introduced earlier on some cars sold in the US, once the US-EU trade deal was effective. However, analysts mulled if the company can sustain its high profitability. Drugmaker Sanofi also dropped 7.8% after reporting lower-than-expected earnings, but said that the impact from US tariffs could be manageable. 'When we think about sectors like automotives, pharma and consumer discretionary names — the risk is these sectors are particularly vulnerable to US tariffs,' said Craig Cameron, portfolio manager and research analyst at Templeton Global Investments. 'So we're consciously deciding to lean away from them and focus more on utilities, industrials, and financials that are largely domestically driven and insulated from tariffs.'
Business Times
6 hours ago
- Business
- 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
The Sun
7 hours ago
- Business
- The Sun
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 U.S. 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 U.S. 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% each, while the NYSE Arca Pharmaceutical Index fell 3% on Thursday. Trump called on drugmakers to provide so-called most-favored-nation prices to every patient enrolled in the government Medicaid health program for low-income people, and to guarantee such pricing for new drugs. The policy is aimed at cutting U.S. 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 U.S. 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-favored-nation prices. Trump gave companies until September 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 U.S. 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 U.S.,' 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 U.S. manufacturing plants. U.S. 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 U.S. 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
