President Trump announced that several major U.S. and European-based drugmakers have agreed to voluntarily reduce medication prices in the U.S. to match cheaper prices abroad. Companies including Merck, Bristol Myers Squibb, and Amgen will offer discounts and invest in U.S. manufacturing to avoid planned pharmaceutical tariffs. Bristol Myers Squibb will provide its blockbuster blood thinner for free to Medicaid patients.
Trump’s “most favored nation” policy aims to lower drug prices for Americans and end global pricing disparities. 14 out of 17 major pharmaceutical companies have agreed to lower prices, benefiting American patients. Johnson & Johnson, AbbVie, and Regeneron have yet to sign deals, but Johnson & Johnson is expected to do so soon.
The drug pricing deals involve selling existing treatments to Medicaid patients at the lowest prices, listing popular drugs on TrumpRx, and offering discounts on various medications. Companies like Gilead, Sanofi, and Merck are launching direct-to-consumer programs to provide affordable access to treatments. European pharma companies heavily rely on the U.S. market for sales.
U.S. prescription drug prices are significantly higher than overseas, with branded drugs costing over four times more. Trump’s executive order to revive the most favored nation policy aims to address this issue. The pharmaceutical industry trade association has criticized this approach, blaming pharmacy benefit managers for price disparities. 1. The stock market saw a sharp increase today, with the Dow Jones Industrial Average rising by 500 points. This surge was attributed to positive economic data and strong corporate earnings reports.
2. In health news, a new study found that regular exercise can reduce the risk of developing heart disease by up to 50%. The research, conducted over a ten-year period, emphasized the importance of physical activity for overall cardiovascular health.
3. The United Nations reported that global greenhouse gas emissions have reached their highest level in history, with a 2.7% increase from the previous year. This alarming trend highlights the urgent need for countries to take action to combat climate change and reduce carbon emissions.
4. A new survey revealed that 70% of Americans are planning to travel for the upcoming holiday season, with many opting for domestic destinations due to ongoing concerns about COVID-19. The survey also found that travelers are prioritizing safety and flexibility when making their travel plans.
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1. Apple announces plans to build a new $1 billion campus in North Carolina, creating 3,000 new jobs in the state. The tech giant is also investing $430 billion in the US over the next five years, aiming to create 20,000 new jobs.
2. Pfizer reports a 45% increase in first-quarter revenue, driven by strong sales of its Covid-19 vaccine. The company’s revenue reached $14.6 billion, surpassing analyst expectations. Pfizer expects to generate $26 billion from the vaccine in 2021.
3. Amazon reports a record-breaking $108.5 billion in revenue for the first quarter, up 44% from the previous year. The e-commerce giant’s profits soared to $8.1 billion, driven by increased demand during the pandemic. Amazon’s cloud computing division also saw strong growth.: Nine pharma companies ink deals with Trump to lower drug prices