President Donald Trump announced on Tuesday a drug pricing deal with Pfizer that will see the pharmaceutical giant lower the cost of its medications for Americans.
Trump made the announcement from the Oval Office at the White House, saying that Pfizer has committed to offering its prescription medications to Medicaid at the reduced "most favored nation prices."
"Pfizer is agreeing to provide some of their most popular current medications to all consumers at heavily discounted prices of anywhere between 50% and even 100%. And that's off, that's off the price. And in some cases, even more than that."
The president added that the U.S. "is done subsidizing the health care of the rest of the world."
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Trump said the drugs will be available for direct purchase online at a website run by the federal government.
The website is called TrumpRx and would be launched soon, said Chris Klomp, Director of Medicare and an adviser to Health and Human Services Secretary Robert F. Kennedy Jr.
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Trump also announced that Pfizer would invest $70 billion in manufacturing facilities to produce its drugs in the U.S. Under the terms of the deal, Pfizer will get a three-year grace period where it would not be subject to tariffs as long as it moves the production of its products to American shores.
Pfizer CEO Albert Bourla called it an historic day that is "reversing an unfair situation" that has plagued consumers for years.
"The big winner of this deal clearly will be the American place," Bourla said. "There is no doubt about it. They are the ones that will see significant impact in their ability to buy medicines."
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Trump said that his administration is working with other pharmaceutical companies to secure similar agreements.
