by Annika Kim Constantino at CNBC
- President Donald Trump said he asked major pharmaceutical companies to take steps to cut U.S. drug prices within the next 60 days.
- On Truth Social, Trump posted individual letters he sent 17 drugmakers, including Eli Lilly, GSK, Pfizer, Regeneron, Merck, Pfizer and Novo Nordisk.
- It comes after Trump in May signed an executive order reviving a controversial policy that aims to slash drug costs by tying the prices of some medicine in the U.S. to the significantly lower ones abroad.
President Donald Trump on Thursday said he asked major pharmaceutical companies to take steps to cut U.S. drug prices within the next 60 days.
On Truth Social on Thursday, Trump posted individual letters he sent 17 drugmakers: AbbVie, Amgen, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Eli Lilly, EMD Serono, Genentech, Gilead, GSK, Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron, and Sanofi
Trump threatened to “deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices” if companies refuse to comply. He asked for each company to commit to his several goals by Sept. 29.
The letters come after Trump in May signed an executive order reviving a controversial plan, known as the “most favored nation” policy, that aims to slash drug costs by tying the prices of some medicines in the U.S. to the significantly lower ones abroad. It was Trump’s latest effort to try to rein in U.S. prescription drug prices, which are two to three times higher on average than those in other developed nations – and up to 10 times more than in certain countries, according to the Rand Corp., a public policy think tank…