News Wrap: 9 Drug Companies Cut Drug Prices for Medicaid

In our news cover on Friday, nine pharmaceutical companies agreed to lower prices on many of the drugs they sell to Medicaid and sell directly to consumers through the site TrumpRx, Russian President Putin says he remains committed to achieving goals in Ukraine if Kiev does not agree to their demands for peace, and Australia announces a gun buyback plan after the Bondi Beach mass shooting.

Jeff Bennett:

And in other headlines of the day: Nine drug companies agreed to lower prices on many of the drugs they sell to Medicaid and sell them directly to consumers through the TrumpRx website. In return, companies will receive exemption from customs duties and other benefits.

Companies include Merck, Gilead, GlaxoSmithKline, and Bristol-Myers Squibb. In all, 14 companies have so far reached such deals with the Trump administration to lower prices. Today’s announcement does not address the high cost of most drugs already subject to private insurance or Medicare, and falls short of legally forcing drug companies to lower prices.

But President Trump says it will help bring costs more in line with those in other rich countries.

President Donald Trump:

For years, we were just saying, no, no, no, when the drug became more expensive for us, we would say – they said, no, you can’t sell it in this country, let the United States pay. And we had other presidents, all of them, who said, okay, we’ll pay. So we were supporting the whole world. We don’t do that anymore.

Jeff Bennett:

Separately, Trump said in a phone interview late yesterday with NBC News that he sees no need to repeal the Affordable Care Act, or Obamacare, as he has tried to do for years. He said he believed Americans would simply stop using it, saying – quote – “Obamacare will cancel itself out.”

In Syria, the US military launched what one official described to “News Hour” as the largest series of strikes against ISIS in years. Planes, helicopters, and artillery targeted dozens of targets in central Syria. This comes after President Trump promised to avenge the killing of two National Guard soldiers and a civilian translator who were killed by the group last week.

In a social media post, Defense Minister Pete Hegseth said – quote – “This is not the start of a war. This is a declaration of revenge.”

These were the first American deaths in Syria since the fall of dictator Bashar al-Assad last year.

Russian President Vladimir Putin said that his country will remain committed to achieving its military goals in Ukraine if Kiev does not agree to its demands for peace. Speaking at his marathon annual press conference in Moscow, Putin boasted of recent battlefield successes, saying his forces had seized the strategic initiative.

While he acknowledged that there were certain signs that Ukraine was ready for dialogue, Putin insisted that Russia’s territorial demands and other conditions be met.

Vladimir Putin, Russian President (through translator):

We do not consider ourselves responsible for the loss of life because we were not the ones who started this war. The ball is completely in the court of our Western opponents, first and foremost the leaders of the Kiev regime, and in this case, first and foremost, their European patrons. We are ready for negotiations and a peaceful solution to the conflict.

Jeff Bennett:

Russia started the war when it invaded Ukraine in 2022.

Meanwhile, in his year-end press conference today, Secretary of State Marco Rubio said there is still a ways to go in negotiating an end to the war in Ukraine. He also indicated that he may join the talks to be held in Miami this weekend between US and Russian officials.

The Australian government announced a gun buyback plan today following the mass shooting in Sydney last weekend.

Anthony Albanese, Australian Prime Minister:

The terrible events in Bondi show that we need to get more guns off our streets.

Jeff Bennett:

Prime Minister Anthony Albanese says the program is expected to result in the withdrawal of hundreds of thousands of firearms from circulation in Australia. The government has also said it is considering new laws on gun ownership, though that could face opposition from conservative lawmakers there.

Officials announced that Sunday will be a national day of reflection. They are calling for a minute of silence to mark exactly one week since the attack that killed 15 people during the Hanukkah festival.

Here in this country, a Wisconsin judge faces up to five years in prison after being convicted of obstruction of movement for helping an immigrant evade federal authorities. But a jury acquitted Milwaukee County Circuit Judge Hannah Dugan of a misdemeanor charge of concealing an individual to prevent arrest.

According to court filings, Dugan led a 31-year-old Mexican immigrant out of the courtroom through a private back door in April. Republicans in Wisconsin are calling for her removal. Democrats say the administration is trying to make an example of it.

A nearly century-old bridge spanning the Mississippi River was demolished today. As onlookers watched from shore, the Black Hawk Bridge collapsed into the water below. The bridge was built in 1931 and connects Wisconsin to Iowa. It was called the Singing Bridge because its metal floor made a humming sound when cars passed over it.

It fell into disrepair and was closed to automobile traffic in October. A new bridge is currently under construction nearby, and is scheduled to open in 2027.

Wall Street ended the week on a strong footing thanks to gains in some AI-related stocks. The Dow Jones Industrial Average added nearly 200 points during the day. The Nasdaq index jumped more than 300 points. The S&P 500 also finished strongly in positive territory.