President Trump announces agreement with drug companies to lower drug prices
President Donald Trump announced agreements with nine major pharmaceutical companies to lower drug prices.
On April 23, the White House announced a drug price agreement with Regeneron, the last holdout among major pharmaceutical companies that entered into a most-favored-nation pricing agreement with the Trump administration.
Regeneron received a letter from President Donald Trump in July, becoming the 17th major drug company to sign a drug pricing agreement.
In an Oval Office announcement Thursday with Health and Human Services officials and Regeneron executives, President Trump touted the deal as the latest example of his administration’s efforts to lower drug prices for Americans.
President Trump said the 17 drug companies that have agreed to most-favored-nation pricing agreements account for 80% of branded drugs sold in the United States.
“This will result in the largest decline in prescription drug prices in American history,” President Trump said.
As part of the deal, Regeneron will reduce the price of its cholesterol-lowering drug Praluent from $537 to $225. It will be sold on TrumpRx.gov, the federal government’s new drug pricing portal for cash-paying customers.
Regeneron also received Food and Drug Administration approval on April 23 for Otalmeni, a gene therapy drug prescribed to treat a rare type of hearing loss that affects about 50 newborns in the United States each year.
President Trump and company officials said Regeneron initially plans to offer gene therapy for free to eligible patients in the United States. Consumers may pay a portion of the costs charged by their health care provider for the administration of Otarmeni under their insurance plan.
“It’s hard to make it free,” said Dr. Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services, regarding the starting price of gene therapy.
President Trump has made most-favored-nation status a central part of his administration’s efforts to lower drug prices for consumers.
The administration previously announced deals with 16 of the 17 major drug manufacturers it sent letters to in 2025 seeking price concessions on branded drugs.
The Trump administration has touted these agreements as a benefit for consumers in Oval Office announcements, but has not made public the terms of the voluntary agreements. TrumpRx, the administration’s drug pricing website, listed prices for more than 50 brand-name fertility, insulin, weight-loss, and other drugs as of this month. The website directs cash-paying consumers to coupons that can be used on drug company websites and pharmacies. This site does not process insurance claims.
Oz said in the announcement that 10 million Americans have used the drug pricing portal since it launched earlier this year.
Other consumer websites, such as GoodRx and entrepreneur Mark Cuban’s Cost Plus Drugs, offer consumers discounts on prescription drugs. Government drug pricing websites list only brand-name drugs and do not list generic drugs, which are usually cheaper than brand-name drugs.
The Trump administration announced plans to impose 100% tariffs on imported brand-name drugs as part of a sweeping order on April 2.
Pharmaceutical companies that agree to move some of their drug production to the United States and agree to most-favored-nation agreements will not pay tariffs under the order. If a pharmaceutical company moves only production to the United States, it will pay a 20% tariff.
