00:00Finally, as you all know, the president signed an executive order earlier this year to solve the problem of exorbitant pharmaceutical pricing.
00:08According to recent data, the prices that Americans have been paying for brand name drugs are more than three times the price other similarly developed nations pay.
00:18The president is determined to solve this problem and took further action today.
00:22He has signed 17 letters to pharmaceutical companies, CEOs, and I would like to read you one of these letters to the CEO of Eli Lilly.
00:31All of these letters will be provided to you following this briefing.
00:35This is to the CEO of Eli Lilly from the president of the United States.
00:39On May 12th, 2025, I signed an executive order delivering most favored nation prescription drug pricing to American patients to stop global fleet freeloading and guarantee that Americans pay the same prices enjoyed by other developed nations.
00:54Right now, brand name drugs in the United States are up to three times higher on average than anywhere else for the identical medicines.
01:02This unacceptable burden on hardworking American families ends with my administration.
01:09Most proposals the Trump administration has received to resolve this critical issue promised more of the same, shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry.
01:21Moving forward, the only thing I will accept from drug manufacturers is a commitment that provides American families immediate relief from the vastly inflated drug prices and an end to the free ride of American innovation by European and other developed nations.
01:37Accordingly, I'm calling on Eli Lilly and company and every manufacturer doing business in our great country to take the following actions within the next 60 days extend the most favored nation pricing to Medicaid guarantee most favored nation pricing for newly launched drugs return increased revenues abroad to American patients and taxpayers provide for direct purchasing at most favored nation pricing.
02:01The president's team, the president's team, including Secretary Kennedy and Administrator Oz stand ready to implement these terms.
02:06The president expects to further engage with them immediately in good faith to deliver relief for American families.
02:10Make no mistake, a collaborative effort towards achieving global pricing parity would be the most effective path for companies, the government and American patients.
02:19But if you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.
02:34Americans are demanding lower drug prices and they need them today.
02:38Other nations have been freeloading on U.S. innovation for far too long, and it is time they pay their fair share.
02:44I look forward to your binding commitments to each of these goals by September 29th, 2025, and my team stands ready to assist with implementation questions.
02:53Thank you for your immediate attention to this vital national priority.
02:57Signed, President Donald J. Trump.
02:59Again, to the CEO of Eli Lilly, this letter in its form has been designed for each of the 17 major drug and pharmaceutical companies in the United States,
03:10and we're happy to provide you the full list, and I believe you will see all 17 letters popping on Truth Social very shortly.
03:16So you can look out for those, and I'm happy to take any further questions.
