President Trump announced on Friday that all 50 states want to participate in a program to lower Medicaid drug costs. He framed it as a way for states to save money for health care. During midterm season, he has touted drug price efforts in swing districts.

The program, called Generous, is a regulatory experiment to align Medicaid drug prices with those in Britain, France, Germany, Italy, Canada, Japan, Denmark, and Switzerland. Drugmakers in deals with the administration would set Medicaid prices at those levels. But Medicaid already pays low prices, and patients pay little or nothing—that won't change.

Public Citizen called it a "charade." Trump has announced 26 deals with drugmakers, created Trump Rx, and negotiated $50 obesity drugs for Medicare. Critics say these are minor concessions that haven't dented profits or lowered spending.

Incyte said it would sell Jakafi to Medicaid through Generous at international prices, reassuring investors it wouldn't be subject to more aggressive experiments.