President Donald Trump and pharmaceutical giant Pfizer have announced a deal to lower the price of several prescription drugs ‘starting immediately.’
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.’
It’s unclear exactly when any pricing changes would go into effect, but Trump claimed they will be ‘starting immediately.’
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, raising the prices of drugs not made in 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.
President Trump is pictured alongside, from left, Vice President JD Vance, HHS secretary senior advisor Chris Klomp, Pfizer CEO Albert Bourla, CMS administrator Dr Mehmet Oz and FDA commissioner Dr Marty Makary
FDA commissioner Dr Marty Makary said: ‘Today is the beginning of the end of the great American ripoff.’
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.’
Trump also said he is going to unveil ‘next week’ an unspecified pill that could be lowered to just $10 for a prescription based on MSN pricing.
He also noted the administration ‘is making deals’ with other companies like Eli Lilly, and if the companies do not comply, they will be subject to tariffs around five to eight percent.
Trump said: ‘The world is going to go up a lot. But now it’s fair. We’re going to pay what the rest of the world is paying.’
The latest data shows the annual cost of prescription medications per person in the US was about $1,400 in 2022, including patient out-of-pocket spending, insurer coverage, and government programs.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .