President Donald Trump and pharmaceutical giant Pfizer have announced a deal to lower the price of several prescription drugs.
The administration said in a press conference Monday that ‘virtually Pfizer’s entire portfolio of drugs’ will be offered at lower prices on TrumpRx, a ‘site soon to be launched.’
Chris Klomp, senior advisor to Department of Health and Human Services secretary Robert F Kennedy Jr, said Monday that the deal will bring the highest reductions in price reductions ‘in American history.’
The plan will adopt ‘most-favored-nation’ drug pricing, which searches for the lowest available medication price in other developed nations and adopts that price tag. It comes after Trump signed an executive order in May demanding drug manufacturers adopt MSN pricing.
Trump claimed Monday that some drugs, which he did not name, would lower in price by ‘up to 1,000 percent.’
The announcement also follows the administration’s plans to impose a 100 percent tariff on branded or patented pharmaceutical products manufactured outside of the US.
Health officials standing alongside Trump said the deal may help bring drug manufacturing back to the US with less reliance on receiving them overseas.
Klomp said: ‘This is a major win in the battle for affordable healthcare and affordable drugs.’
Albert Bourla, Pfizer CEO, said at the press conference that the deal will enable the company to provide a ‘greater’ focus to innovations like cancer treatments and new, effective vaccines.
He said: ‘This is a historic day. Today we are turning the tide and reversing an unfair situation.’
