Trump Threatens Ban on German Cars If EU Doesn't Allow Higher Pharma Prices
At a reception for lawmakers, President Donald Trump complained that Ozempic costs almost $1,300 in the U.S., and only $88 in England, and that countries with price controls on prescription drugs must change their policies.
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He said that if the EU doesn't allow drugmakers to sell in their countries at higher prices, he will ban the import of German cars.
It's the same threat he made in May when he signed an executive order on drug prices (see 2505120052).
On July 22, Trump said, "We're working very hard right now to get the other countries to lift up their prices a little bit." He said he will use trade to convince them to adjust prices from $90 to $140, which he says would allow U.S. consumers -- and Medicare and Medicaid -- to also pay $140.
He said if Europe balks, he will say, "That's OK, you're no longer allowed to sell cars in America. You're no longer allowed to have Mercedes, BMW, Volkswagen or any of the many cars, and they'll say: 'Oh, I love the idea of lower drug prices for America.'"
According to the National Institutes of Health, U.S. prices, adjusting for rebates paid to pharmacy benefit managers and insurers, on name-brand drugs are 308% higher here than in other developed countries, while generic drugs are cheaper. Foreign countries spend about a third more than U.S. consumers on generics -- and in the U.S., generics are 90% of prescription volume.
Trump said at the reception, "We're going to get the drug prices down not 30 or 40 percent ... not 50 or 60. No, we're going to get them down 1000 percent, 600 percent, 500 percent, 1500 percent, numbers that are not even thought to be achievable."