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.

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 makers to lower their prices to what patients pay elsewhere.

"The United States is done subsidising the healthcare of the rest of the world," Trump said, speaking at an event in the Oval Office accompanied by Pfizer CEO Albert Bourla, Health Secretary Robert F Kennedy Jr and others.

Pfizer is the first drug company to announ

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