Article published in Les Echos, September 24, 2025
Donald Trump’s decision to demand that major pharmaceutical companies lower the prices of their drugs could have global consequences, particularly for medical innovation, explains Frédéric Cherbonnier.
In early August, Donald Trump issued an ultimatum to major U.S. pharmaceutical companies, ordering them to lower the prices of their drugs by aligning them with the lowest prices charged in other developed countries. This is an extreme version of a drug pricing regulation method known as “external benchmarking.” It involves capping the price of a drug based on what is done elsewhere. Most European countries use this method, taking into account either the average price or the lowest price charged by a limited number of other European countries. This may be enshrined in law, as in Portugal or Spain, or, as in France, form part of an agreement negotiated between the regulator and the...
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