NOVEMBER 6, 2025—During a White House announcement on Thursday, everything suddenly went sideways.

Mid-speech, one of the executives standing behind President Trump began to sway. Two aides rushed forward as cameras panned away. Dr. Mehmet Oz, seated in the front row, jumped in to help.

The feed went dark. Then, as quickly as it halted, the broadcast resumed — and Trump picked up right where he left off.

Flanked by Eli Lilly & Co. and Novo Nordisk executives, the president unveiled a sweeping agreement to slash prices on their blockbuster weight-loss drugs and expand access under federal insurance programs.

The two companies — makers of Zepbound and Wegovy — agreed to lower the list price of their GLP-1 injectables from $1,000 a month to about $350 through a new government-backed platform called TrumpRx, with prices falling toward $245 over the next two years.

For Medicare patients, monthly co-pays will drop to $50. Coverage, previously limited to people with diabetes or heart disease, will expand to include millions struggling with obesity and related conditions.

Trump called it “a triumph for American patients that will save lives and improve the health of millions and millions of Americans.”

But there’s more behind the numbers…

Your Rundown for Monday, November 10, 2025...

Tariff Relief and American Manufacturing

In exchange for the price cuts, both companies secured a three-year grace period on upcoming pharmaceutical import tariffs and fast-track FDA review for next-generation drugs — namely, oral versions of GLP-1 meds.

Although Eli Lilly is an American company, much of its production still relies on imported ingredients and overseas finishing. The temporary tariff exemption gives Lilly and Novo Nordisk time to expand U.S. manufacturing and rebuild domestic supply chains.

In return, both firms pledged major new investments on American soil, aligning with the administration’s drive to “bring medicine manufacturing back home.”

Lilly has already broken ground on new facilities in Indiana and North Carolina, while Novo is investing $4 billion to expand its Clayton, NC, campus. In policy terms, it’s an America-first framework: lower costs in exchange for domestic investment and tariff relief.

For the companies, the calculus is straightforward. About 12% of Americans have used GLP-1 drugs. With Medicare’s inclusion, that pool could rise sharply. Some estimates suggest as many as 10% of Medicare enrollees may soon qualify. That’s a huge new market, even if each patient now brings in less revenue.

Investors should keep an eye on that trade-off. Lower prices can squeeze margins, but broader coverage means higher overall sales volumes. Both firms are betting scale will offset compression. Meanwhile, Washington’s message is clear: cooperate on pricing, invest domestically and you’ll get regulatory and trade advantages.

Implementation won’t happen overnight. The expanded coverage is expected to roll out in mid-2026, with eligibility tied first to BMI thresholds and medical criteria. Analysts caution that uptake may build gradually as insurers and state Medicaid programs opt-in.

Still, the November 6 announcement marks a turning point — not just for the health-care market, but for how Washington wields economic leverage. Pharmaceutical giants once viewed as untouchable are now negotiating directly with the Oval Office. Prices are falling, manufacturing is coming home, and the political capital behind it is unmistakable.

The commotion at the start of Thursday’s White House event may have stolen the spotlight, but the announcement that followed could reshape an entire industry. What began with a stumble may, in time, stand as one of the Trump administration’s most consequential domestic-policy deals.

Market Rundown for Monday, November 10, 2025

S&P 500 futures are up almost 1% to 6,815.

Oil’s up 0.45% to $60 for a barrel of WTI.

Gold’s up 2.50% to $4,110.60 per ounce.

Bitcoin is rebounding some: up 1.80% to $106,440.