Pharmaceutical companies are optimistic about their growth prospects under a Trump administration following former President Joe Biden’s tough stance on the industry over the past four years. President Donald Trump, like his predecessor, prioritizes lowering healthcare costs for Americans, a bipartisan issue in a country where patients pay significantly more for prescription drugs compared to other developed nations. While Trump has not detailed specific health policy plans, his administration is expected to adopt a more pro-business approach than Biden’s.
Drugmakers are hopeful that Trump will focus on regulating pharmacy benefit managers (PBMs) and easing pressure on drug prices, fostering innovation, and enhancing patient access to treatments. They are particularly interested in changes to Biden’s Inflation Reduction Act, which the industry views as a threat to innovation and profits. At the JPMorgan Health Care Conference in San Francisco, industry executives expressed these sentiments, emphasizing the importance of engaging with the new administration.
Despite Trump’s past actions targeting high drug costs, industry executives are willing to collaborate with him, acknowledging potential risks and opportunities. Pfizer CEO Albert Bourla highlighted the importance of engaging with the new administration and explaining industry positions. However, uncertainties remain, such as concerns about Robert F. Kennedy Jr.’s anti-vaccine views if confirmed to lead the Department of Health and Human Services.
Drugmakers advocate for PBM reform, arguing that these middlemen inflate costs and hinder savings for patients. The industry is optimistic about potential reforms under Trump’s administration, including revisiting proposals to eliminate rebates and increase transparency in the PBM business model. While challenges exist, industry leaders are hopeful for positive changes in the pharmaceutical landscape.
The industry also anticipates collaboration with Trump on revising policies like the Inflation Reduction Act to benefit senior patients. Despite potential hurdles, the industry remains committed to advocating for changes that support innovation, affordability, and patient access to medications. Pharmaceutical companies are prepared to work with the administration to address key issues and advance healthcare initiatives.
