Summary
Pfizer has agreed to offer some prescription drugs at lower prices through a new website run by the U.S. government, following a deal with the Trump administration. This move comes as part of efforts to reduce drug costs in the U.S., and Pfizer will also lower prices for the Medicaid program. The company plans to invest more in U.S. manufacturing and research.
Key Facts
- Pfizer agreed with the Trump administration to sell certain drugs at lower prices through a government website called TrumpRx.
- Prices for some medications will be reduced by up to 85% on this new site.
- Pfizer will also cut drug prices for Medicaid, the U.S. health insurance program for low-income people.
- This agreement helps Pfizer avoid tariffs announced by President Trump on imported branded drugs.
- Pfizer is the first company to settle a deal after Trump urged 17 drug firms to lower their prices.
- The company plans to invest an additional $70 billion in U.S. manufacturing and research.
- Pfizer's CEO stated the deal provides stability regarding tariffs and pricing.
- Pfizer's stock price increased by nearly 7% after the announcement.
