Pharma Merck Schliesst Preisabkommen Mit Trump 110737603.html

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Executive Summary & Fact Check

1. Executive Summary

German pharmaceutical giant Merck KGaA has become the first German company to agree to a pricing deal with US President Trump and will sell IVF medications at discounts of up to 84% through the new TrumpRX platform. In return, Merck receives tariff exemptions for pharmaceutical products and must additionally invest in US production capacity. Trump's aggressive pricing policy is already showing market impact - Novo Nordisk stock fell over 7% following the announcement of drastic price cuts for Ozempic.

2. Core Issue & Context

Main Topic: Trump's systematic price war against the international pharmaceutical industry to reduce medication costs in the USA.

Context: The USA has the highest drug prices worldwide. Trump is using trade policy as leverage (Section 232 tariffs) and combining this with his own purchasing platform TrumpRX. This strategy fits into Trump's "America First" policy and addresses a central campaign issue - affordable healthcare.

3. Key Facts & Figures

Merck Deal:

  • €1.5 billion revenue from fertility medications (2024)
  • 84% discount when combining all three IVF medications
  • 14,000 employees in the USA (more than at headquarters in Darmstadt)
  • 25% of global revenue generated in the USA

Market Data:

  • 10+ million US women seeking to have children affected
  • Every 8th couple in the USA struggles with infertility
  • Ozempic: Price reduction from ~$1,000 to $150 monthly announced

Stock Prices (as of report date):

  • Novo Nordisk: -45% YTD, -7% after Trump announcement
  • Merck KGaA: -20% YTD
  • Eli Lilly: -4.7% in after-hours trading

4. Stakeholders & Those Affected

Directly affected:

  • Pharmaceutical companies: Merck, Novo Nordisk, Eli Lilly, Boehringer Ingelheim, Pfizer, AstraZeneca
  • US patients: Particularly couples trying to conceive and diabetics
  • Investors: Shareholders of affected pharmaceutical companies

Positions:

  • Trump Administration: Aggressive price reduction policy as campaign promise
  • Pharmaceutical corporations: Torn between compliance and profit protection
  • Patients: Benefit from drastic price reductions

5. Opportunities & Risks

Opportunities

  • For patients: Significantly improved access to important medications
  • For Merck: Tariff exemptions and market access through TrumpRX platform
  • Politically: Successful implementation of campaign promises

Risks

Risk Assessment: HIGH

  • Precedent effect: Other countries could adopt similar pricing policies
  • Investment decline: Reduced R&D budgets at pharmaceutical companies
  • Trade war: Possible escalation with European trading partners
  • Supply shortages: If pricing policy becomes too aggressive

6. Action Relevance & Recommendations

For pharmaceutical companies:

  1. Show proactive willingness to negotiate before Trump imposes unilateral measures
  2. Use US production capacity as negotiating leverage
  3. Portfolio diversification to minimize risk

For investors:

  1. Review pharmaceutical valuations due to structural pricing risks
  2. Focus on companies with strong pipelines and geographic diversification
  3. Factor in short-term volatility from Trump announcements

For policymakers/EU:

  1. Develop coordinated response to US trade policy
  2. Evaluate own price negotiation strategies

7. Sources & Further Reading

Here's the natural English translation:

Short-term forecast: Trump's aggressive pricing policy will likely expand to other pharmaceutical companies. Companies heavily dependent on the US market should expect significant margin pressure. This strategy could find imitators internationally and put structural pressure on the pharmaceutical industry.

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