US President Donald Trump announced that pharmaceutical giant Pfizer will lower the prices of several of its medications in the United States, making it the first major drugmaker to agree to the administration’s demands. The announcement comes after Donald Trump had sent letters to 17 leading pharmaceutical companies in July, demanding they match prices paid overseas- a policy he has called “most favored nation pricing." He gave them until September 29 to submit binding commitments. Pfizer is the first company to publicly reach an agreement.

Donald Trump said the deal would mark a turning point in prescription drug costs, long among the highest in the developed world.

“Americans have been paying almost three times what other nations pay. That ends now," he said.

The White House is also

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