Democrats say Trump increased investments in drugmakers that were given Medicare exemptions

President Donald Trump's investments in pharmaceutical companies increased significantly after he returned to the White House last year. According to a report from congressional Democrats, Trump's portfolio added millions of dollars in stock in firms that benefited from a Republican-backed law shielding certain medications from Medicare price negotiations.

The report, released by the Joint Economic Committee's minority arm, found that Trump's pharmaceutical stock holdings grew from a maximum reported value of $1. 7 million in 2024 to as much as $56.

2 million at the end of 2025. This growth includes up to $39.

1 million worth of stock held in companies that benefited from exemptions to Medicare's drug price negotiation program. The program, which came through a provision in Republicans' 2025 tax and spending law, shields certain medications from Medicare price negotiations.

Trump's portfolio bought as much as $2. 55 million in shares of pharmaceutical companies benefiting from the exemptions on three dates before he signed the legislation in July 2025.

This includes up to $950,000 in purchases on July 1, 2025, the day the Senate passed the bill. Trump's portfolio also bought as much as $1 million in AbbVie stock in August 2025, after the bill became law.

The report noted that the exemptions policy could leave some Medicare beneficiaries paying thousands of dollars more for certain cancer treatments and other medications than they would have if Medicare had been allowed to negotiate lower prices. The findings come as Trump has made lowering prescription drug costs a central part of his healthcare policy, striking deals with pharmaceutical companies that his administration says will make medications more affordable for Americans.

However, recent polling shows that most Americans think Trump is profiting off the presidency in unethical or illegal ways and is focused more on his wealth than on helping people like them. Trump's wealth has grown since he took office last year through a web of business interests, many of which have benefited from the policy moves of his administration.

The White House has repeatedly denied any ethics issues and accused Democrats of "attempts to fabricate conflicts of interest." The report's findings are part of a broader investigation into Trump's financial dealings and potential conflicts of interest.

The Joint Economic Committee's minority arm, led by Democratic Sen Maggie Hassan, has been reviewing Trump's financial disclosures and has released several reports on his business interests and potential conflicts of interest.