9 pharmaceutical companies reduce prices in the US - Companies will be exempt from tariffs imposed by Trump
Some of the largest pharmaceutical manufacturers based in the US and Europe have signed an agreement with President Donald Trump to voluntarily sell their drugs at a lower price. These companies include Merck, Bristol Myers Squibb, Amgen, Gilead, GSK, Sanofi, Roche's Genentech, Boehringer Ingelheim and Novartis. In exchange, the companies agreed to not pay Trump's planned tariffs on pharmaceutical products for a period of three years, as long as the manufacturers continue to invest in manufacturing in the US.
Among the most prominent promises was that of Bristol Myers Squibb, which said it would offer the blood thinner Eliquis for free as part of the Medicare program. The companies make up the majority of the 17 drugmakers to whom Trump sent letters in July, urging them to lower prices as part of his “most favored nation” policy.
"As of today, 14 of the 17 largest pharmaceutical companies have agreed to drastically lower drug prices for the American people and American patients," Trump said. "This represents the biggest victory for affordable prices for patients in the history of American health care, and every citizen will benefit," Trump added.
Johnson & Johnson, AbbVie and Regeneron are among the major companies that have yet to sign drug pricing agreements. But Trump noted that Johnson & Johnson will sign next week.
However, the full terms of the agreements were not made public, making it unclear how big their impact will be. Trump said the pharmaceutical manufacturers agreed to list their key drugs on a consumer website, TrumpRx, which will launch in January.
Several companies also launched new or expanded existing direct-to-consumer offers for certain drugs. For example, Sanofi said it will offer 70% off select drugs to treat infections and cardiovascular and diabetic conditions on TrumpRx and other direct-to-consumer platforms.
Previously, companies such as Pfizer, AstraZeneca, Eli Lilly and Novo Nordisk had reached agreements with the Trump administration to reduce prices.
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