Trump Demands Big Pharma Cut Prescription Drug Costs

President Donald Trump has urged the heads of 17 major pharmaceutical companies to lower prescription drug costs for Americans. In letters posted on Truth Social, Trump called for favored pricing for Medicaid and a return of excess overseas revenue. Companies have until September 29 to respond.

In a bid to reduce prescription drug costs, U.S. President Donald Trump has written to chief executives of 17 leading pharmaceutical companies, urging immediate price cuts. The White House confirmed the letters, sent to firms including Eli Lilly, Sanofi, and Merck & Co, mandate the companies to take urgent action.

Trump's proposal includes offering most favored nation pricing to Medicaid and returning excess foreign revenue to American consumers, though specific details are yet to be revealed. The companies have been given a deadline of September 29 to agree to these terms with binding commitments.

White House Press Secretary Karoline Leavitt noted Americans pay over three times more for brand-name drugs compared to other developed nations. She emphasized the administration's readiness to use all available measures to address what she termed 'abusive drug pricing practices.'

(With inputs from agencies.)