 "Tesla and SpaceX CEO Elon Musk with US President Donald Trump. Trump said his administration’s new plan to impose price controls on prescription drugs was inspired by hearing from a friend about the low cost of weight loss medication in the United Kingdom compared to what the same person paid for the same medication in America. File image/AP")
After his tariff war, Donald Trump is waging a new one — the pharmaceutical war. On Monday (May 12), the US president signed an executive order that aims to reduce high prescription drug prices. He claimed that the order signed by him would help cut drug prices by at least 59 per cent — and in some cases as high as 80 or 90 per cent.
And what is the inspiration for this move? US President Donald Trump said he was inspired by hearing from a friend about the low cost of weight loss medication in the United Kingdom compared to what the same person paid for the same medication in America.
This got many people asking — who was the US president referring to? Was it Elon Musk or was it someone else? We take a closer look and get you the answers.
What is Trump’s move to slash drug prices?
On Monday (May 12), Trump unveiled an aggressive drug pricing strategy, promising to dramatically cut prescription drug costs for American consumers. “Starting today, the United States will no longer subsidise the health care of foreign countries, which is what we were doing,” Trump said before signing the executive order.
Under the plan, Trump aims to institute a “Most Favoured Nation” policy that pins the cost of drugs sold in the United States to the lowest price paid by other countries for the same drug. As Reuters explained, it seeks to narrow the gap between the US and foreign drug prices.
“Basically, what we’re doing is equalising,” Trump said. “We are going to pay the lowest price there is in the world. We will get whoever is paying the lowest price, that’s the price that we’re going to get.”
It is not yet clear which medications the order will apply to. Also, it’s unclear when — and if — Americans will see lower prices.
However, in a social media post, Trump claimed drug prices will be cut by “59%, PLUS!” He later claimed drug prices may fall even more, between 59 per cent and 80 per cent, or “I guess even 90 per cent.”
Trump’s move comes at a significant time — drug prices in the United States are among the highest in the world and they surpass what European countries pay.
Notably after Trump’s move, share prices of major drug makers, such as Pfizer, Eli Lilly and the UK’s GSK were hit. But they staged a quick recovery. The Pharmaceutical Research and Manufacturers of America, the industry’s main trade association, praised Trump for coming down hard on other countries. “The Administration is right to use trade negotiations to force foreign governments to pay their fair share for medicines. U.S. patients should not foot the bill for global innovation,” said Stephen Ubl, PhRMA’s CEO.
How did Trump’s ‘overweight friend’ inspire his move?
But how did Trump think of the idea to cut drug prices? When asked the same during a press conference, the US president hinted to his “fat friend”.
“I’ll tell you a story. A friend of mine — he’s a businessman, very, very, very top guy. Most of you would’ve heard of him. Highly neurotic, brilliant businessman, seriously overweight, and he takes the fat shot drug,” Trump said, adding that the unnamed businessman recently called him with a question.
“‘I’m in London. And I just paid for this damn fat drug I take.’ I said, ‘It’s not working,’” Trump added, drawing some laughter from the room. “‘I just paid $88. And in New York I pay $1,300. What the hell is going on?’”
Trump said he later confronted a pharmaceutical company representative about the discrepancy. “I brought it up with the drug companies, represented by somebody who’s very, very smart, good person too. And we argued about it for about a half-hour. And then finally, he just said, because they can’t justify it, he just said, ‘Look, you got me. You got me. I can no longer justify [the price difference].’”
Is Trump’s ‘overweight friend’ Elon Musk?
Soon after Trump spoke at the White House, speculation began as to whom was Trump referring to. Many soon said on social media that the US president was referring to ‘First Buddy and outgoing Doge leader Elon Musk.
Netizens said that it was Musk, as the billionaire publicly stated that he uses a weight-loss drug called Mounjaro, which is made by Eli Lilly, and has jokingly referred to himself as “ Ozempic Santa ,” using the name of a better-known option made by Novo Nordisk, which also produces Wegovy.
Pointing out Musk’s previous confession, one user wrote, “Elon Musk has admitted to taking the “fat shot drug” as Donald Trump calls it. Is he the “seriously overweight” and “highly neurotic” businessman that Donald is talking about? Hilarious that Donald said “it’s not working.”
Another called Trump’s story an “Elon shade.”
But not everyone thought that Trump was referring to Musk. Trump’s suggestion that his friend worked in New York and London indicates Musk was not whom the president was referencing. Moreover, during the 2024 presidential campaign, Trump had praised Musk’s physique, joking about his abs.
Other social media users noted that Trump could have been talking about author Robert Kiyosaki, who wrote the book Rich Dad Poor Dad. He’s a friend of the US president and his physical description matches what Trump said, noted many social media users.
With inputs from agencies