Trump's Drug Pricing Promises Fall Short as Pharmaceutical Giants Continue Price Hikes

Despite President Trump's repeated claims that his administration's deals with major pharmaceutical companies would dramatically reduce prescription drug costs for Americans, a new Senate report reveals a starkly different reality. According to the analysis released by Senator Bernie Sanders, drugmakers have actually raised prices on hundreds of medications while simultaneously negotiating these highly publicized agreements with the Trump administration.

The Numbers Don't Lie: Massive Price Increases Continue

The report's findings are particularly damning for an administration that has made lowering drug costs a centerpiece of its healthcare agenda. Companies that signed Trump's "most favored nation" deals have launched new medications at an average price of $353,000 per year and continued aggressive price increases across their portfolios.

Some of the most egregious examples include:

• Keytruda (Merck's cancer treatment): List price increased 6% to approximately $210,000 annually in the U.S., compared to just $37,900 in Japan
• Kesimpta (Novartis' multiple sclerosis drug): Rose nearly $10,500 to $141,000 yearly, versus $17,300 in Germany
• Opdivo (Bristol Myers Squibb's immunotherapy): Jumped 4% to $260,000, more than double the price in France ($90,300)

Pharmaceutical Profits Soar During Trump's Second Term

Perhaps most telling is the financial windfall these companies have experienced. The report shows that drugmakers who signed deals with Trump generated a combined $177 billion in profits during 2025, up from $107 billion the previous year. This represents a staggering 65% increase in profitability while Americans continue to struggle with prescription drug affordability.

The "Most Favored Nation" Mirage

Trump's "most favored nation" deals were supposed to bring U.S. drug prices in line with those in other wealthy countries where medications are typically far less expensive. However, the lack of transparency surrounding these agreements has made it difficult to assess their true impact.

"One of the more frustrating aspects of recent drug pricing announcements has been the lack of transparency into the so-called deals," said Stacie Dusetzina, a health policy professor at Vanderbilt University. "Once you dig into the details, it appears that the administration's efforts to date have mostly served to help drug companies."

Million-Dollar Drug Launches Continue Unabated

The report also highlights how pharmaceutical companies have used the cover of these deals to launch new medications with astronomical price tags:

• Johnson & Johnson's Inlexzo: Launched at approximately $1 million
• AbbVie's Emrelis: Priced at about $719,000
• Novartis' Itvisma: A gene therapy with a list price of $2.59 million

White House Defends Ineffective Strategy

The Trump administration's defense has been notably weak. White House spokesperson Kush Desai dismissed the report by claiming it "fixates on prescription drug list prices, which are meaningless because they do not reflect the actual purchase prices that patients pay."

This response ignores the fundamental reality that higher list prices directly impact insurance premiums and out-of-pocket costs for patients, particularly those with high-deductible plans or who require medications not covered by their insurance.

The TrumpRx.gov Band-Aid Solution

As part of these deals, drugmakers agreed to offer discounted prices through TrumpRx.gov, a government discount platform. However, industry experts note that many of these discounts mirror those already available on existing platforms like GoodRx, suggesting minimal additional value for consumers.

Biden-Era Policies Show Real Results

Interestingly, the report notes that average brand-name list prices did decline in 2026 for the first time, but this improvement was "largely driven by policies from the Biden administration, including Medicare drug pricing negotiations" - not Trump's pharmaceutical deals.

Looking Forward: Questions for RFK Jr.

As Health Secretary Robert F. Kennedy Jr. faces congressional hearings on Trump's budget priorities, he's likely to face intense scrutiny about the administration's failure to deliver on drug pricing promises. The contrast between campaign rhetoric and real-world results has never been more apparent.

The evidence suggests that Trump's much-vaunted pharmaceutical deals have been more beneficial to drug company shareholders than to American patients struggling with prescription costs.