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| Pfizer to offer cheaper US drugs via Trump's website in new deal | Pfizer to offer cheaper US drugs via Trump's website in new deal |
| (about 2 hours later) | |
| Watch: Trump announces deal to lower cost of Pfizer drugs in US | |
| The Trump administration has announced a deal allowing patients to buy prescription drugs at discounted prices via a new website operated by the federal government. | The Trump administration has announced a deal allowing patients to buy prescription drugs at discounted prices via a new website operated by the federal government. |
| The agreement with pharmaceutical giant Pfizer will see prices for some medicines slashed by up to 85% on the direct-to-consumer TrumpRx site, the White House said in a press conference on Tuesday. | The agreement with pharmaceutical giant Pfizer will see prices for some medicines slashed by up to 85% on the direct-to-consumer TrumpRx site, the White House said in a press conference on Tuesday. |
| Pfizer also agreed to lower prescription drug prices for the state-run Medicaid program, the government's public health insurance plan for low-income Americans, in a move that will see the company avoid paying tariffs. | Pfizer also agreed to lower prescription drug prices for the state-run Medicaid program, the government's public health insurance plan for low-income Americans, in a move that will see the company avoid paying tariffs. |
| It comes after the US president announced last week a 100% levy on branded or patented drug imports from 1 October. | It comes after the US president announced last week a 100% levy on branded or patented drug imports from 1 October. |
| Pfizer is the first pharmaceutical firm to settle a deal after Donald Trump sent letters to 17 drug companies in the summer, giving them 60 days to respond to his demands for lower prices - a deadline that expired this week. | Pfizer is the first pharmaceutical firm to settle a deal after Donald Trump sent letters to 17 drug companies in the summer, giving them 60 days to respond to his demands for lower prices - a deadline that expired this week. |
| During the press conference, Trump referred to a policy aimed at aligning prices in the US with lower ones abroad. | During the press conference, Trump referred to a policy aimed at aligning prices in the US with lower ones abroad. |
| He said: "Pfizer is committing to offer all of their prescription medications to Medicaid, and it will be at the most-favoured nations prices." | He said: "Pfizer is committing to offer all of their prescription medications to Medicaid, and it will be at the most-favoured nations prices." |
| "It's going to have a huge impact on bringing Medicaid costs down." | "It's going to have a huge impact on bringing Medicaid costs down." |
| He said he expected more deals with drug makers to be announced. | He said he expected more deals with drug makers to be announced. |
| US President Donald Trump shakes hands with Pfizer CEO Albert Bourla, on the day he announces a deal to sell drugs at lower prices | |
| In a statement on Tuesday, Pfizer said the majority of its primary care drugs would be available on TrumpRx, but did not disclose specific medicines. | In a statement on Tuesday, Pfizer said the majority of its primary care drugs would be available on TrumpRx, but did not disclose specific medicines. |
| The company also said it would invest an additional $70bn (£52bn) in US manufacturing, research and development. | The company also said it would invest an additional $70bn (£52bn) in US manufacturing, research and development. |
| Pfizer's agreement is the latest example of concessions from pharmaceutical companies to avoid Trump's tariffs on branded drugs for three years. | Pfizer's agreement is the latest example of concessions from pharmaceutical companies to avoid Trump's tariffs on branded drugs for three years. |
| Albert Bourla, Pfizer's chief executive, said: "We now have the certainty and stability we need on two critical fronts, tariffs and pricing." | Albert Bourla, Pfizer's chief executive, said: "We now have the certainty and stability we need on two critical fronts, tariffs and pricing." |
| Pfizer shares rose nearly 7% on Tuesday following the announcement. | Pfizer shares rose nearly 7% on Tuesday following the announcement. |
| Trump conceded that drug prices may rise abroad because of his actions aimed at lowering prices in the US. | Trump conceded that drug prices may rise abroad because of his actions aimed at lowering prices in the US. |
| Eli Lilly, for example, has said it will raise drug prices in Europe "in order to make them lower" in the US. | Eli Lilly, for example, has said it will raise drug prices in Europe "in order to make them lower" in the US. |
| It is unclear whether Trump's push including the direct-to-consumer website, which is expected to launch early 2026, will actually bring down prices for American consumers, since insurance companies and other middlemen also influence costs. | It is unclear whether Trump's push including the direct-to-consumer website, which is expected to launch early 2026, will actually bring down prices for American consumers, since insurance companies and other middlemen also influence costs. |