TrumpRx makes more drug pricing moves and strikes a deal with AstraZeneca

REUTERS/Umit Bektas & REUTERS/Nathan Howard

Trump announces AstraZeneca deal for lower drug prices on TrumpRx.com platform.
AstraZeneca, a UK-based firm, said it will offer discounts on its prescription drug catalog.
The deal follows a similar agreement with Pfizer.

President Donald Trump is moving fast with his direct-to-customer pharmaceutical venture.

On Friday, he shared from the Oval Office that he struck a deal with AstraZeneca to offer the US a “most-favored-nation” drug pricing policy that would lower prescription costs.

As part of the deal, AstraZeneca has pledged to invest $50 billion in the US over the next five years in research and development of new drugs and onshore manufacturing. The company has also committed to offering prices to Medicaid patients that are comparable to the lowest prices charged in other countries.

In September, Trump announced TrumpRx.com, a federal government website aimed at making drugs more affordable by eliminating intermediary companies.

“AstraZeneca, the largest pharmaceutical manufacturer in the United Kingdom, is committing to offer Americans major discounts on their vast catalogue of prescription drugs,” said Trump during a press conference on Friday afternoon.

“You’re gonna pay whatever the lowest pricing in the world there is, that’s what you’re gonna be paying,” Trump added.

AstraZeneca is a British-Swedish pharmaceutical company headquartered in the UK. Some of its key products include the cancer drug Tagrisso and the diabetes medication Farxiga.

In September, a similar deal was announced with Pfizer, for the company to offer some of its drugs on TrumpRx and all of its drugs for Medicaid at a reduced rate, in exchange for a three-year tariff exemption.

The deal comes as the government shutdown enters its 10th day, as Republicans and Democrats remain in a deadlock over extending enhanced premium subsidies for the Affordable Care Act, which is a Biden-era subsidy set to expire at the end of the year.

The Republicans’ proposed budget would pull funding from these subsidies and raise health insurance premiums. According to the Kaiser Family Foundation for health policy research, a dozen states would see their premiums at least double without subsidies, including Mississippi, Wyoming, and Texas.

Read the original article on Business Insider

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