Trump is about to crash drug prices — and Big Pharma is terrified

Published July 27, 2026 10:00am ET



Less than a year ago, Pharmaceutical Research and Manufacturers of America (PhRMA) CEO Stephen Ubl stated PhRMA would be “answering Trump’s call” to put America first in the healthcare ecosystem. However, as President Donald Trump continues to deliver lower prices on medications, PhRMA has not only avoided the call but undermined Trump’s efforts to deliver for Americans.

Trump is on the frontlines of the battle to lower prescription prices for the American people through his “Most Favored Nations” (MFN) drug pricing, a policy compelling drug manufacturers to match the price of their products to the lowest price paid by international partners. Now, Trump seeks to codify MFN into law, and despite PhRMA’s alleged commitment to accommodating the Trump administration’s affordability agenda, Stephen Ubl has wasted little time in contradicting his own words by voicing his criticism of the decision. 

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