Pfizer CEO to Attend Major Trump Fundraiser Amid Drug Price Controversy

/ CBS News Reports

Albert Bourla, the CEO of Pfizer, is scheduled to attend a significant fundraising event expected to raise $25 million, with the participation of President Trump at his Bedminster, New Jersey golf club on Friday, according to insiders.

This event is organized for MAGA Inc., a pro-Trump super PAC, aiming to generate approximately $25 million through donations.

Just a day before this occasion, President Trump issued letters to several pharmaceutical giants like Pfizer, urging them to reduce U.S. drug prices to approximate those offered internationally.

The president sent letters to 17 major drug manufacturers, including companies like AstraZeneca and Johnson & Johnson, requesting them to ensure Medicaid patients access new drugs at 'most favored nation' prices within a 60-day timeframe. These letters were shared on Truth Social by the president himself.

In a move from May, Trump ordered federal officials to create 'most favored nation' rules unless drug prices showed significant reductions. The recent letters, addressed to Bourla and other executives, criticized them for maintaining the status quo.

On Friday, Trump expressed his commitment to challenging both drug companies and international counterparts on drug pricing, stating confidence in achieving substantial price reductions soon, estimating reductions ranging from 500% to 1,200%.

The issue of high prescription drug costs has been a persistent challenge across party lines. There have been long-standing discussions about benchmarking U.S. drug prices against those of other developed nations, but such initiatives often face obstacles.

Pharmaceutical firms contend that imposing price ceilings could hinder innovation by limiting funds available for developing new treatments. Industry representatives argue that Americans typically have timely access to cutting-edge treatments compared to countries with stricter pricing controls and maintain that drug costs are part of a broader trend of increased healthcare expenses in the U.S.

Bourla's interactions with Trump are not novel. During the earlier stages of the pandemic, Pfizer was among the companies contracted under the Trump administration’s 'Operation Warp Speed' to expedite COVID-19 vaccine development. Additionally, Bourla and other Pfizer leaders visited Mar-A-Lago for discussions two weeks before the commencement of Trump’s second inauguration.

CBS News has contacted both Pfizer and the White House for their comments regarding these developments.