Trump Bought Millions in Drug Stocks Before Medicare Change—Democrat Report
Up to $39.1 million was held in companies that benefited from a provision of Republicans' 2025 tax and spending law.
President Donald Trump's investment portfolio acquired up to $56.2 million in pharmaceutical stocks between 2024 and 2025, a report from congressional Democrats revealed. The investment surged from a peak of $1.7 million in 2024 to $56.2 million by the end of 2025. The report, released by Democrats on Congress's Joint Economic Committee, found Trump had purchased pharmaceutical stocks worth as much as $2.55 million on three occasions before he signed a Republican-led bill altering Medicare drug price negotiations in July 2025. These purchases included up to $950,000 on July 1, the same day the Senate passed the bill.
The Inflation Reduction Act, enacted under former President Joe Biden in 2022, enabled Medicare to directly negotiate prices for certain high-cost prescription medications for the first time. However, Republicans' 2025 legislation expanded an exemption involving drugs used to treat rare diseases, potentially keeping some high-cost medicines out of the negotiation process.
Democrats argue this change benefits pharmaceutical manufacturers while increasing costs to Medicare and some patients. The Congressional Budget Office estimated the expanded exemptions would increase Medicare costs by around $8.8 billion over a decade.
The timing of Trump's investments alone does not suggest he directed the purchases due to the legislation or traded on nonpublic information. The White House maintains these investments are independently managed by third-party financial institutions, with no input from Trump or his family. Democrats on the Joint Economic Committee point to specific drugs like Keytruda, Opdivo, Darzalex, Ultomiris, and Adcetris as examples of those benefiting from the expanded exemptions.
They warn that the change could result in $21,800 more in out-of-pocket costs for certain autoimmune conditions and $9,000 more for certain cancers. The White House has dismissed allegations of a conflict of interest, stating it is an independent matter managed by financial institutions and that Trump has no role in investment decisions.
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