Trump inks deal with 9 pharmaceutical companies to lower drug costs

President Donald Trump announced Monday that his administration has extended agreements with nine more pharmaceutical companies to provide reduced drug prices to state Medicaid programs. These deals are expected to save Americans over $600 billion in a relatively short period, according to the president during an Oval Office announcement.

This initiative is part of Trump's "most-favored-nation" drug pricing policy, which seeks to make U.S. drugs comparable in price to those in other developed countries. Consumers can purchase discounted medications directly from TrumpRx, a website launched by the administration in February. As of the latest count, 26 pharmaceutical companies have committed to lowering their prices under this deal, representing approximately 90% of the domestic pharmaceutical market.

The remaining 10% of companies are expected to join soon, according to the White House. The nine newly signed companies include Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals, and UCB. These midsize pharmaceutical firms will offer their drugs to all state Medicaid programs across the United States, generating billions of dollars in savings for American citizens. The companies have also pledged to invest $19.6 billion in manufacturing as part of this agreement.