Trump’s Backroom Deals Boost Drug Companies’ Stocks and Don’t Make Drugs More Affordable
Washington, D.C. – Today, Trump held a “health care affordability event” where he announced another round of bogus backroom deals with nine mid-size biotechnology companies. The details of these deals remain purposefully confidential, and there is no evidence they will lower the sticker prices for patients. One of the companies, BridgeBio, suggested that its flagship heart drug Attruby — which can cost $19,000 for a 28-day supply — “does not expect to be subject to future pricing mandates.” The companies also secured exemptions from Trump’s tariffs directed at pharmaceutical companies. While a record-high number of Americans worry about affording prescription drugs, many drug companies are making record-breaking sales and raking in multibillion-dollar profits amidst Trump’s shady backroom deals and blockbuster giveaways. As 43 percent of Americans are skipping prescriptions or rationing medications due to cost, multiple drugmakers involved in today’s announcement saw their stocks rise while Americans wait for a single shred of evidence the “deals” will save patients money.
In response, Protect Our Care Chair Leslie Dach gave the following statement:
“Donald Trump is guaranteeing that drugmakers can continue to rake in obscene profits while working families and seniors are forced to choose between filling their prescriptions and putting food on the table. Pharma companies are having a banner year while seniors blow through their savings to afford the medication they need. None of this is a coincidence. Once again, the Trump administration is gaslighting the American people and putting corporate interests first. Trump’s shady backroom deals and blockbuster giveaways are letting drug companies avoid price negotiations and protect their profits — all in the midst of a health care affordability crisis. This is an outright betrayal, and voters won’t forget it.”
Background
- Side-By-Side: Trump vs. Democrats’ Record on Lowering Prescription Drug Costs
- Greed Watch: Big Drug Companies’ Cries of Outrage Over Medicare Drug Price Negotiation Fail to Line Up With Reality As Democrats Deliver Real Savings to Seniors Nationwide
- Greed Watch: Big Drug Companies Make Record-Breaking Sales While Seniors With Cancer Get Sold Out Thanks to Donald Trump