Seniors’ Drug Prices Will Go Up Because Trump Sided with Big Drug Companies
Washington, D.C. – Today, the Centers for Medicare & Medicaid Services (CMS) released a proposed rule that will enable big drug companies to avoid Medicare price negotiations on top-selling drugs, such as cancer drug Darzalex. While Trump has been cutting back room deals with big drug companies and orchestrating loopholes in their interest, seniors across the country are struggling to afford their prescriptions. Now, seniors will see their drug prices soar because Trump decided to protect the profits of these uber-wealthy corporations over lowering drug costs for everyday Americans.
In response, Protect Our Care Chair Leslie Dach issued the following statement:
“It should surprise no one that Trump, who made the largest health care cuts in history to fund tax breaks for billionaires and big corporations, is ripping away relief from thousands of seniors to pad the pockets of big drug companies. While Democrats took on the drug industry to secure fair prices and deliver billions in savings for seniors, Trump and Republicans are creating loopholes for these greedy corporations to skirt negotiations and jack up drug prices. Republicans have continually propped up scams like TrumpRx and so-called ‘Most Favored Nation’ pricing that do nothing to actually lower drug prices. This is an outright betrayal of the American people and it will not be forgotten.”
By the Numbers:
- Trump raked in over $10 million in donations from Big Pharma and spent the past year selling out Americans by rewarding CEOs with huge returns on their pay-to-play investments.
- Ten of the largest drugmakers collectively pocketed $50 billion more in profits during Trump’s first year back in office.
- Drugmakers hiked the prices of over 750 medications during Trump’s first year back in office.
- In 2025, the 10 largest drugmakers netted over $130 billion, after spending over $80 billion showering their wealthy shareholders with stock buybacks and dividends.
- Trump and Republicans in Congress lowered the corporate tax rate, padded drugmakers’ profits by an additional $15 billion with a special tax break, expanded the tax break through the IRS, then gave Big Pharma an additional $9 billion gift at the expense of seniors and taxpayers.
- Thanks to Trump’s tax giveaways to Big Pharma, Johnson and Johnson, AbbVie, Pfizer, Amgen, and Merck have paid $0 in federal taxes since 2018.
- Drugmakers raked in over $50 billion in sales last year on top-selling products Trump specially carved out from Medicare drug price negotiation.
- 1 in 3 Americans were forced to skip doses, ration medications, or not fill prescriptions in the past 12 months due to high costs while TrumpRx failed to save the vast majority of Americans a single dime.