Trump's Prescription Drug Deal: A Price Cut Revolution
President Trump announced that Pfizer will reduce the price of prescription drugs for Medicaid and introduce new drugs at a 'most favored nation' price, in return for tariff relief. The U.S. aims to lower their drug costs which are higher compared to other developed nations, urging more companies to follow.
In a bold move on Tuesday, President Donald Trump revealed that pharmaceutical giant Pfizer will slash prescription drug prices for Medicaid recipients and introduce new drugs at a 'most favored nation' rate in exchange for relief from tariffs. Trump also signaled that other drug companies are expected to follow suit.
Currently, U.S. patients pay the highest costs for prescription medications, approximately three times more than their counterparts in other developed countries. At an Oval Office event featuring Pfizer CEO Albert Bourla and Health Secretary Robert F. Kennedy Jr., Trump stressed that America will no longer bear the financial burden of subsidizing global healthcare costs.
Pfizer is setting a precedent among drug companies by agreeing to this arrangement. With a looming September deadline, Trump had urged 17 major drug manufacturers to align their prices with those overseas. Additionally, the launch of a direct-to-consumer website, TrumpRx, will allow Americans to purchase discounted medications directly.
(With inputs from agencies.)
Google News