Pfizer CEO Albert Bourla says $US70 billion will go into research and development and manufacturing. Photo: AP PHOTO

US President Donald Trump says Pfizer will cut the price of all prescription drugs in the country's Medicaid program for those on low incomes and sell new prescription drugs at a "most favoured nation" price in exchange for tariff relief.

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Trump also said he expects other drug makers to follow suit.

US patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed countries, and Trump has been pressuring drug m

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