WASHINGTON — President Trump announced Monday that his administration has reached agreements with nine additional pharmaceutical companies to provide discounted medications through state Medicaid programs, expanding a broader effort to lower prescription drug costs.
Speaking at the White House, Trump said the agreements are expected to save Americans more than $600 billion over a relatively short period.
The deals are part of the administration’s “most-favored-nation” drug pricing initiative, which seeks to align U.S. drug prices more closely with those paid in other developed countries. The program also includes direct-to-consumer discounts through TrumpRx, a website launched in February that offers reduced prices on brand-name medications.
According to the White House, 17 drugmakers had already agreed over the past year to voluntarily reduce prices under the initiative. With the addition of nine more companies, the administration said 26 pharmaceutical firms representing about 90% of the U.S. pharmaceutical market are now participating.
“With today’s announcement, we now have 26 companies representing 90% of the domestic pharmaceutical market, and the other 10% are also coming in,” Trump said.
The newly participating companies include Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals and UCB.
The White House said the agreements will make the companies’ medicines available at discounted prices through every state Medicaid program, generating billions of dollars in savings for consumers and taxpayers.
