The Trump administration released its 2026 Economic Report this week, outlining achievements from the past year and goals for the future, but the U.S. Chamber of Commerce quickly opposed parts of the plan.
The chamber specifically targeted the Trump administration’s proposal to lower prescription drug costs. Americans are paying almost three times more for medications than people in comparable countries, according to the U.S. Department of Human Services.
President Donald Trump is urging Congress to codify a drug pricing policy called Most Favored Nation, or MFN, in which U.S. drug prices would be set at the lowest price paid by comparable countries. The president outlined his goals on whitehouse.gov.
“So instead of Americans paying the highest drug prices in the world as we have for decades, we will now be paying the lowest cost paid by any other nation,” Trump said.
The U.S. Chamber of Commerce warned the policy could threaten innovation. Brad Watts of the U.S. Chamber of Commerce said policies being considered in Washington could undermine the private sector.
“Policies that are being considered right now in D.C. like MFN style price controls and bills that would weaken IP rights that undermines the private sector to innovate that next generation of treatments and cures,” Watts said.
Groups like the Pharmaceutical Reform Alliance say that argument is wrong. JD Hayworth of the Pharmaceutical Reform Alliance said big pharma’s profit margin is more than twice the average profit margin of other companies on the S&P 500.
“Most of the billions are going to direct to consumer advertising,” Hayworth said.
The U.S. Chamber argues slashing drug costs could slash jobs. Watts said there are 2.2 million jobs nationwide supported by the life sciences industry, including almost 300,000 in New York.
Trump signed an executive order last spring mandating Most Favored Nation price targets for Medicare and Medicaid. However, establishing broader, permanent MFN pricing will take an act of Congress.
“I’m calling on Congress to pass this into law without delay,” Trump said.
The U.S. Chamber of Commerce says drug innovation has led to a healthier population, productive workforce and prosperous country. The president and proponents of MFN argue drug companies are putting profits over people. There are at least five bills being proposed in Congress right now to bring U.S. drug prices down to what comparable countries are paying.
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