US President Donald Trump announced earlier this week that his administration would launch a new website, called TrumpRx, which will allow American consumers to buy prescription drugs from pharmaceutical companies at discounted prices.

Pfizer, the first United States pharmaceutical group to sign up to the website, said it would offer discounts of up to 85 percent on the cost of its medicines for those not using health insurance policies to pay and for those on the government’s low-cost insurance programme, Medicaid. Pfizer will also sell medicines to the Medicaid programme itself at lower prices.

The announcement prompted shares in the pharmaceuticals sector to lift sharply this week, signalling a favourable response from markets and the pharmaceuticals industry.

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