TrumpRx Has Signed Deals With Nearly Every Major Drugmaker. Are Prices Actually Falling?

InnovationHealthcareTrumpRx Has Signed Deals With Nearly Every Major Drugmaker. Are Prices Actually Falling?ByJesse Pines,Contributor.Forbes contributors publish independent expert analyses and insights. Jesse Pines is an expert in healthcare innovation and wellness.Follow AuthorApr 27, 2026, 12:00pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.Administrator for the Centers for Medicare & Medicaid Services Mehmet Oz speaks as U.S. President Donald Trump looks on during an event on drug pricing in the South Court Auditorium on the White House campus on February 5, 2026 in Washington, DC. The president announced the launch of TrumpRx, which the White House said would help lower prescription drug prices.Getty ImagesIn early April 2026, President Trump signed an executive order declaring that imported pharmaceutical products pose a threat to U.S. national security. The order imposed sweeping tariffs on drug companies that refuse to participate in his most-favored-nation (MFN) pricing initiative. The new tariffs are imposed under Section 232 of the Trade Expansion Act. This is different from the emergency-powers statute the Supreme Court invalidated earlier this year. MFN pricing requires drugmakers to charge U.S. buyers no more than the lowest price they offer to other comparable wealthy countries.This is a significant escalation in Trump’s focus on drug prices. After months of voluntary deals with major drugmakers, the order makes it clear will use trade policy as an enforcement mechanism. Companies that play along get a three-year tariff reprieve. Those that don’t face meaningful penalties.The move underscores the goal of TrumpRx, the direct-to-consumer drug portal that launched in February 2026 as well as its limits. The administration has now signed 17 MFN deals covering 86% of the branded pharmaceutical market. According to the White House, TrumpRx is “one of the most transformative he...