President Trump has made headlines once again with a recent agreement with AstraZeneca, a leading UK pharmaceutical firm, aimed at reducing prescription drug costs for Medicaid patients in the United States.
The agreement stipulates that AstraZeneca will sell its medications to patients at Most Favored Nations prices through TrumpRx.gov.
This announcement follows a similar earlier collaboration with Pfizer, which also pledged to offer Americans discounted prescription drugs at competitive prices.
During a ceremony in the Oval Office, Trump championed his administrationâs attempts to lower drug prices, proclaiming AstraZeneca as the âlargest pharmaceutical manufacturer in the United Kingdomâ and a key partner in his quest for affordable healthcare.
“I was making great strides in my first term, but we were derailed by elections rigged against us, so I couldn’t finish what I started,” Trump remarked.
The President further elaborated on AstraZeneca’s commitment to construct a new manufacturing facility in Charlottesville, Virginia, where ground was ceremonially broken just the day before, with a hefty investment of $50 billion directed towards U.S. manufacturing. “This plant will create 3,600 jobs right off the bat, and itâs going to be fantastic,” Trump enthused.
Trump spent nearly seven minutes discussing the new deal and AstraZenecaâs U.S. ventures before fielding questions from journalists. Notable attendees included AstraZeneca CEO Pascal Soriot, Health and Human Services Secretary Robert F. Kennedy Jr., CMS Administrator Mehmet Oz, FDA Commissioner Marty McCary, and Virginia Governor Glenn Youngkin, all of whom offered remarks on the initiative.
Trump: Today marks another milestone in our relentless pursuit to make prescription drugs more affordable for Americans. Prices have significantly declined in various sectors. For instance, oil prices have just dipped below $60 per barrel. We anticipate that soon, gas prices will fall under $2 a gallonâa staggering 70% drop from last year. This downward trend signifies a broader economic relief, as lower oil prices often lead to reduced costs across the board.
AstraZeneca, the UK’s largest pharmaceutical company, is committed to providing major discounts on an extensive range of prescription drugs, adhering to a Most Favored Nations pricing model. This means you will pay what the lowest global prices dictate.
Throughout my first term, progress was being made until political disruptions set us back. It’s crucial that we ensure Americans arenât footing the bill for exorbitant drug prices that are a fraction of what other countries pay. Thatâs why I aimed to establish favored nation pricing, to put an end to this disparity.
I extend my gratitude to CEO Pascal Soriot, a highly esteemed figure in the pharmaceutical industry, for being with us today, along with Secretary Howard Lutnick, Secretary Robert F. Kennedy Jr., CMS Administrator Mehmet Oz, FDA Commissioner Marty McCary, and Virginia Governor Glenn Youngkin. Glenn, you’re doing a fantastic job, and I wish you success in the upcoming election.
Historically, American consumers have borne the brunt of the highest drug prices globally. Itâs outlandish. Upon taking office, I implemented an executive order to ensure that Americans would pay no more for prescription drugs than the lowest price available elsewhere.
Thanks to this new commitment from AstraZeneca, all of their medications will be available to Medicaid patients at these favorable prices, potentially saving taxpayers hundreds of millions annually. I take pride in noting that during my first term, I was the first president in nearly three decades to achieve a reduction in drug pricesâalbeit a modest one of 0.125%. Yet, today weâre poised for far more significant reductions, some potentially reaching up to 1,000%. This could dramatically impact social services reliant on drug purchases, from Social Security to Medicare and Medicaid.
AstraZeneca plans to feature many of their most requested medications on TrumpRX.gov at these substantially reduced prices. I canât say why they included my name, but Iâm honored by it. This could mean discounts exceeding 100%. As an example, certain inhalers for COPD and asthma might see a reduction around 654%. Incredible, right?
Of course, critics will argue that I should have pushed for even more extensive discounts when the reality is that this effort is monumental in its own right. Furthermore, every new medication AstraZeneca introduces will also adhere to these discounted rates.
AstraZeneca is also set to invest an impressive $50 billion in the United States over the next five years to develop new drugs and establish domestic manufacturing facilities, including that new plant in Charlottesville, Virginia, which promises to create around 3,600 jobs initially. I recently saw its blueprint; it looks exceptional. This is a resounding victory not just for Virginia but for American patients at large.
For years, many previous administrations have vowed to lower healthcare costs, but my administration is actually achieving this in significant ways and at levels previously deemed unattainable. Weâre talking reductions by hundreds or thousands of percent in many cases. Major pharmaceutical companies are uniting with us to turn these commitments into reality. I eagerly anticipate witnessing the opening of this remarkable facility, located in a stunning area.
