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President Donald Trump said Friday that Americans will see lower prescription drug prices following agreements reached between his administration and nine major pharmaceutical companies. Trump announced the deals during an event at the White House attended by executives from what he described as nine of the world’s largest drug manufacturers.
He said the companies agreed to offer several flagship medications to U.S. consumers at discounted “most favored nation” prices, Mediaite reported.
Trump said the pricing model would match the lowest price paid for the same drugs anywhere in the world. “In other words, whatever the drug sells for in the world, whatever the lowest number is, we will match that price,” said the president on Friday.
He said Americans have been paying prices that are sometimes ten times higher than those charged in other countries. Trump added that the administration has announced similar price reductions in recent months, including for weight loss drugs such as Ozempic. He said the newly discounted drugs include treatments for diabetes, asthma and blood thinning.
Trump said negotiations with the pharmaceutical companies were difficult but said the companies acknowledged their pricing practices were unfair.
Bloomberg reported that the administration reached the agreements in exchange for a three-year reprieve from potential tariffs on pharmaceutical products.
The White House did not immediately provide details on how the pricing changes would be implemented or when consumers would see the reductions.
Trump said Americans have effectively been subsidizing lower drug prices in other countries for years. “We are not doing it anymore,” Trump said.
He described the agreements as the most significant development related to prescription drugs and drug purchasing.
Trump said the changes would have a major impact on health care costs overall. He said prescription drugs account for a large share of health care spending in the United States.
During the event, Trump turned to Dr. Mehmet Oz, the Centers for Medicare and Medicaid Services administrator, while discussing the potential impact of the agreements. He said the administration wants savings from lower drug prices to benefit consumers directly rather than insurance companies.
He said the White House will continue working on policies aimed at reducing out-of-pocket costs for individuals who purchase their own health insurance.
Trump accused Democrats of being influenced by insurance companies that profit from the current system. He said his administration would not allow insurance companies to capture the savings from lower drug prices.
The announcement comes as Trump has made prescription drug pricing a central focus of his health care agenda.
The administration has previously pursued policies aimed at tying U.S. drug prices to international benchmarks.
Trump has argued that Americans should not pay more than patients in other developed nations for the same medications.
The pharmaceutical industry has historically opposed price controls, arguing they could reduce investment in research and development.
It was not immediately clear how the agreements would affect future drug innovation or pricing negotiations.
The administration has said additional announcements related to health care costs could follow.
Trump signed five Congressional Review Act resolutions into law on Dec. 11, bringing the total number he has approved in 2025 to 22. That total marks the most CRA resolutions signed by any president in a single year since the law took effect in 1996, surpassing the combined total of all previous presidents.
The five resolutions disapproved of Bureau of Land Management resource management plans covering parts of North Dakota, Montana, Wyoming, and northern and central Alaska, Ballotpedia reported.
The Congressional Review Act, signed into law by President Bill Clinton in 1996, allows Congress to review and reject newly issued federal agency rules.
Under the law, Congress has 60 working days to review a rule once it is formally submitted.
Both the House and Senate may pass a joint resolution of disapproval, which is then sent to the president for signature or veto.
