Joe Biden promised to cure cancer and lower drug prices. He failed spectacularly at both, leaving Americans with higher medical costs and fewer treatment options. His so-called “Inflation Reduction Act” did nothing but inflate drug prices and cripple American innovation. But perhaps Biden’s most dangerous idea yet was embracing the disastrous European-style price controls known as Most Favored Nation (MFN) drug pricing. This socialist-inspired scheme would mean government bureaucrats dictating drug prices, crushing innovation, and jeopardizing American lives.
America has always stood as a beacon of innovation and hope in medicine, producing more groundbreaking drugs than any other nation. Our pharmaceutical industry, thriving under the free market, has developed approximately 600 new medicines since 2014 alone—many representing unprecedented advances against diseases like cancer, Alzheimer’s, and diabetes. This powerhouse industry supports over five million American jobs across more than 1,500 research and manufacturing facilities nationwide. President Trump has stood firmly behind this industry, championing policies that encourage innovation and ensuring that Americans have timely access to the world’s most advanced treatments.
But Biden, alongside radicals like Bernie Sanders and Nancy Pelosi, blindly pushed for importing Europe’s failed MFN pricing strategy, which would tie American drug prices to the artificially low prices set by foreign governments. These socialist price controls have devastated Europe’s pharmaceutical innovation. Before price controls, Europe led the world in drug development. Today, Europeans wait an average of 512 days—nearly a year and a half—to access new medicines, while Americans benefit immediately from rapid innovations.
This is precisely what’s at stake if we indulge in Biden’s failed policies. Socialism destroys innovation every time it’s tried, killing incentives and chasing away investment. Europe’s pharmaceutical industry collapsed under price controls, and now Biden would have America follow suit.
The consequences don’t end there. As American innovation declines under MFN price controls, Communist China eagerly prepares to fill the void. The Chinese Communist Party (CCP) recognizes pharmaceuticals as a strategic industry, investing aggressively to dominate global drug development. Chinese clinical trials now represent 30 percent of global drug trial starts, rapidly approaching America’s 35 percent. China’s biotech R&D investments soared an astonishing 2,600 percent between 2000 and 2021, nearly triple America’s rate.
In 2024 alone, 31 percent of innovative drugs licensed by multinational corporations originated from China, totaling over $8 billion in upfront payments—a record-setting figure. This alarming shift isn’t accidental; it’s orchestrated by the CCP to supplant America as the global leader in pharmaceutical innovation. If China succeeds, the U.S. will not only lose millions of jobs but will become dangerously dependent on Chinese medicines, replicating the disastrous scenario we experienced during COVID-19 when critical medical supplies were held hostage by China.
President Trump recognizes this threat clearly. He understands that surrendering America’s pharmaceutical leadership to China jeopardizes both our national security and public health. That’s why he’s working tirelessly to renegotiate unfair international trade agreements and end the global freeloading on American innovation. Currently, America runs a staggering $117 billion pharmaceutical trade deficit, largely due to Europe’s price controls. Trump’s America First policies aim to eliminate this deficit and restore fair market pricing, ensuring our pharmaceutical industry remains vibrant and independent.
President Trump’s vision is clear: lower drug costs through real market reforms, increase prevention and screening, cut out the middlemen inflating prices, and unleash America’s pharmaceutical industry to develop life-saving cures. Under President Trump’s leadership, America will continue leading the world in medical innovation, safeguarding our health and independence.
Adopting Biden and Pelosi’s socialist MFN scheme would devastate American innovation and dangerously empower Communist China. Thankfully, President Trump knows better. He’s committed to Making America Healthy Again by ensuring our nation remains the undisputed champion in medical breakthroughs—keeping America safe, strong, and independent for generations to come.
