Trump, Pfizer announce deal to lower drug prices and exempt company from tariffs

President Donald Trump announced Tuesday that he reached a deal with pharmaceutical company Pfizer to lower drug prices for Medicaid patients.

Under the agreement, each state’s Medicaid program will have access to Pfizer products offered at the lowest paid price by other countries.

According to the White House , the agreement will ensure that foreign countries can “no longer use price controls to freeride on American innovation.”

It will require Pfizer to offer medications “at a deep discount off the list price” when selling directly to American patients, the White House said.

Pfizer will be selling medications directly to American consumers on a new website called “TrumpRx.” It will be operated by the federal government.

“As you know, the United States is paying sometimes ten times