Days after he sent letters instructing top pharmaceutical manufacturers to use a “most favored nation” pricing model for prescription drugs, President Donald Trump told reporters on Sunday that he had cut costs by up to 1,500%.
But Trump’s grandiose claim is mathematically impossible.
Here’s a closer look at the facts.
TRUMP: "You know, we’ve cut drug prices by 1,200, 1,300, 1,400, 1,500%. I don’t mean 50%, I mean 14 — 1,500%.”
THE FACTS: This is false. Cutting drug prices by more than 100% would theoretically mean that people are being paid to take medications. The Trump administration has taken steps to lower prescription drug prices, but experts say there’s no indication costs have seen such a massive drop.
Geoffrey Joyce, director of health policy at the University of Southern California’s Schaeffer Center, called Trump’s claim “total fiction” made up by the Republican president. He agreed that it would amount to drug companies paying customers, rather than the other way around.
“I find it really difficult to translate those numbers into some actual estimates that patients would see at the pharmacy counter,” said Mariana Socal, an associate professor of health policy and management at Johns Hopkins University who studies the U.S. pharmaceutical market. She added that Trump’s math is “really hard to follow.”
Asked what Trump was using to back up his claim, White House spokesman Kush Desai said: “It’s an objective fact that Americans are paying exponentially more for the same exact drugs as people in other developed countries pay, and it’s an objective fact that no other Administration has done more to rectify this unfair burden for the American people.”
The White House provided a chart of price differentials for drugs in the U.S. and comparable countries, but did not offer any other evidence. On Sunday, Trump also described cuts to drug prices as a future development, not that already happened.
“So we’ll be dropping drug prices,” he said. “It will start over the next two to three months by 1,200, 1,300 and even 1,400%.”
Prices for most prescription drugs — unbranded generics are the exception — are higher in the U.S. than they are in other high-income countries. This is in large part due to the way drug prices are negotiated in the United States.
Trump made his recent appeal in letters to 17 pharmaceutical manufacturers, the White House announced last week. He asked them to reduce costs in the U.S. by matching the lowest prices of prescriptions drugs in other comparably developed countries. Some drugmakers have since indicated that they are open to cutting costs.
This move follows an executive order Trump signed in May setting a 30-day deadline for drugmakers to electively lower prices in the U.S. or face new limits in the future over what the government will pay.
The federal government has the most power to shape the price it pays for drugs covered by Medicare and Medicaid. It’s unclear what — if any — impact the Trump administration’s efforts will have on millions of Americans who have private health insurance.
Socal pointed out that if drug manufacturers had cut costs to the extent Trump claims, they would be shouting it from the rooftops, especially given the heat they’ve taken over the years for their pricing practices.
“My expectation would be that they would make announcements — public announcements — and that those announcements would come way in advance of the actual effective dates when those price cuts would come into effect,” she said.
Joyce agreed that there has been no indication of a substantial cut.
“Not at all, not at all, none whatsoever,” he said. “And let alone 1,500.”
Find AP Fact Checks here: https://apnews.com/APFactCheck.
President Donald Trump speaks with reporters before boarding Air Force One at Lehigh Valley International Airport, Sunday, Aug. 3, 2025, in Allentown, Pa. (AP Photo/Julia Demaree Nikhinson)
PROVO, Utah--(BUSINESS WIRE)--Jan 15, 2026--
Ionic Mineral Technologies ("Ionic MT"), a pioneer in developing one of the world’s most comprehensive hubs for rare earths and critical minerals, today announced the appointment of Shane Porzio as its Chief Operating Officer (COO), effective January 5, 2026. Mr. Porzio will lead the Company's operational scale-up from pilot to full commercial production of its nano-silicon, high-purity alumina, and rare earth elements derived from its proprietary Utah-based halloysite clay resources.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260115244096/en/
Mr. Porzio brings over two decades of executive leadership in global chemical and advanced materials companies, with a distinguished tenure at BASF where he served as Vice President and Global Business Head for Kaolin Minerals. In this role, he managed a global P&L across five plants and three mines, tripling EBITDA by refocusing investments into high-growth segments and securing major capital programs. His direct experience in the mining, processing, and commercial application of kaolin clay—a mineralogically similar aluminosilicate to Ionic MT's halloysite—provides a foundational understanding critical to accelerating the Company's proprietary extraction and refinement processes.
Andre Zeitoun, Founder and CEO of Ionic MT, stated, "We are thrilled to welcome Shane to the COO role in this pivotal moment for Ionic MT. His vast experience is a direct match for our mission: he has scaled mineral processing operations and commercialized disruptive materials on a global stage. His specific background in kaolin clay at BASF is invaluable, as he understands the geology, mineralogy, and processing pathways that are directly applicable to unlocking our halloysite deposits."
At Ionic MT, Mr. Porzio will be responsible for all operational facets of scaling the Company's three core product lines: rare earths, alumina, and nano-silicon. His mandate includes leading the scale-up of commercial production in Provo, establishing rigorous EH&S and quality management systems for the automotive battery sector, and driving vertical integration from feedstock to finished battery-grade material. His proven experience in post-merger integration (PMI) and capital project execution will also be key as the Company pursues strategic growth initiatives.
"I am thrilled to join Ionic MT at this inflection point," said Shane Porzio. "The Company's technology represents a genuine leap forward in sustainable critical minerals production. My experience in taking complex mineral systems from the lab to global markets, particularly with layered aluminosilicates, at multi-million-ton scale aligns perfectly with the challenge ahead. I look forward to working with Andre and the talented team to build a reliable, scalable, and cost-competitive supply chain that strengthens American energy independence."
Mr. Porzio's career includes transformational leadership roles as President & CEO of Profile Products, where he launched and scaled a new global business unit to millions in revenue within 12 months, and as Global Senior Vice President at Vantage Specialty Chemicals. He holds a Ph.D. in Polymer Science from the University of Akron, an MBA from Wake Forest University and a B.S. in Anthropology and Chemistry from Beloit College.
About Ionic Mineral Technologies
Ionic Mineral Technologies is a U.S.-based, vertically integrated producer of advanced critical materials essential to energy storage, national defense, and clean manufacturing. Backed by permitted domestic mineral resources and proprietary processing technologies, the company is scaling production of 16 rare earth and critical minerals, Ionisil™ nano-silicon, and IonAl™ high-purity alumina—three of the most strategically important components for next-generation battery and defense technologies. Ionic MT’s asset-backed, multi-product platform offers a secure and scalable alternative to geopolitically vulnerable global supply chains. Learn more at https://ionicmt.com/.
Shane Porzio, Chief Operating Officer at Ionic Mineral Technologies
