President Trump said prices for weight-loss drugs will drop significantly under his administration, signalling potential pressure on pharmaceutical companies.

Washington

President Trump announced that prices for weight-loss drugs are expected to decrease significantly, stating that he is working on a deal to lower costs. However, Dr. Oz, now serving as administrator of the Centers for Medicare and Medicaid Services, clarified that no agreement has been reached yet and negotiations are still in progress. 

The exchange, which took place during an unrelated event, led to notable declines in the share prices of major drug makers such as Eli Lilly and Novo. Investors appeared to react to the president's comments, though officials emphasized that any changes to drug pricing are still under negotiation.

Trump: Weight-loss drug prices will be 'much lower'

We've got some breaking news here we want to get to. President Trump making some comments on weight loss drug prices. Eamon Javers got all the details. Eamon. Melissa, some of the drug makers are moving on this news. A bit of an unusual moment just now in the Oval Office. The president was speaking at an unrelated event about IVF, and he was asked by a reporter about the prices for drugs related to weight loss. The president said that those prices are going to be coming down significantly and that he was working on a deal around that. Then Dr. Oz, who is now the administrator of the Centers for Medicare and Medicaid Services, stepped up, kind of interrupted and said, well, we don't have a deal just yet. Sort of an unusual moment. Nonetheless, you can see their shares are moving on this moment. So I want to play you that exchange. Here it is. They'll be much lower. They'll be much lower. We have not negotiated those yet. We're going to be rolling these out over time. The GOP category of drugs, which includes Ozemic, have not been negotiated yet. But it will. It'll come, like everyone else. OK. Any timeline on those negotiations? No, but I think those are going to come down pretty fast, and we do have, I guess, some alternatives. The president will be happy with the result, and until he is, we're not going to close those negotiations. So the dynamic there, Melissa, pretty clear. Dr. Oz not wanting to say that a deal has been done, saying that the negotiations are still ongoing, and the president really wanting to assert that those drug prices are going to come down. That may be why you see what you're seeing on your screen right now. Eli Lilly down over 4.6 percent right now. And you see Novo also down 3.7 now. So clearly, investors are looking at that exchange and saying, well, the president knows something about where this is going, and we ought to pay attention to it. Thank you. Thank you.

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Portland

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Tel Aviv-Yafo

Middle East Conflict

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Windsor

Prince Andrew gives up title of Duke of York

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Ukraine Invasion

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Caracas

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Kipnuk

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Greenbelt

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London

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Lima

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Šiauliai

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New York

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Beijing

Global Tariffs

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Jerusalem

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Nairobi

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Balochistan

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Chicago

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Breakdown