Pfizer’s medications could be discounted between 50% and 100%.
Transcript:
CAROLINE WOODS: The Trump Administration says it’s making progress on lowering drug costs.
The President announced a new deal with Pfizer – the drugmaker voluntarily cut prices on some of its most popular medications – in some cases by as much as 50% to 100%.
Pfizer has also agreed to sell its existing drugs to Medicaid patients, and will match the lowest price offered in other developed nations. Trump is calling this the “most favored nation price.”
In return, Pfizer will be exempt from tariffs for a three-year stretch – as long as it continues to invest in U.S. manufacturing. Pfizer says it plans to pour $70 billion into U.S. drug manufacturing and research facilities.
The White House says it’s negotiating similar deals with other drugmakers, but added “If we don’t make a deal, we’re going to tariff them.”
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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