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The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are laser focused on developing innovative medicines that transform lives and create a healthier world. Together, we are fighting for solutions to ensure patients can access and afford medicines that prevent, treat and cure disease. Over the last decade, PhRMA member companies have invested more than $850 billion in the search for new treatments and cures, and they support nearly five million jobs in the United States.
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WASHINGTON, D.C. (September 30, 2025) – Pharmaceutical Research and Manufacturers of America (PhRMA) president and CEO Stephen J. Ubl issued the following statement on today’s White House announcement:
"Each company makes its own decision on how they set prices for medicines.
"Our industry is committed to working with the Trump administration to strengthen American leadership in biopharmaceutical innovation and lower costs for patients. That is why this week we announced three major actions our industry is taking, including $500 billion in new infrastructure investments, financial support for 10 million patients struggling to afford medicines and launching a new website to make it easier for patients and businesses to connect to direct purchase programs offered by manufacturers.
"Today’s announcement does not do enough to address the real drivers of higher prices in the U.S. PBMs get big discounts on medicines while charging patients full price. Hospitals abuse the 340B program to mark up drug prices by 700% or more. Addressing these abusive practices would dramatically lower drug prices for U.S. patients.
"Similarly, the Trump administration is right to focus on foreign countries free riding off American innovation, but the administration needs to do more to address unfair practices abroad. Other countries routinely undervalue medicines and limit their citizens’ access to the newest treatments. Most Favored Nation policies that would import these same prices into the U.S. would result in less access to treatments and cures and reduced investment in manufacturing and R&D. It happened in Europe. We don’t want it to happen here."
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PhRMA Statement on Today's White House Announcement
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