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.
Klomp said: ‘This is a major win in the battle for affordable healthcare and affordable drugs.’
A Pfizer spokesperson said in a statement: ‘We can confirm an agreement has been reached.’
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.’
