President Trump on Tuesday announced that Pfizer had agreed to sell its products in the U.S. at “Most Favored Nation” pricing, one day after the administration required companies to respond to his prescription drug pricing executive order.
Drugmakers were given until Sept. 29 to respond to Trump’s “Most Favored Nation” Executive Order that required companies sell drugs in the U.S. at the lowest price they sell in other developed countries, establish direct-to-consumer avenues and not sell new drugs for lower prices in other countries.
“Pfizer is committing to offer all of their prescription medications to Medicaid. it will be at the most favored nation’s prices. It’s going to have a huge impact on bringing Medicaid costs down like nothing else,” Trump said in a press briefing in the Oval Office.
Trump had sent requests to 16 other drugmakers in his executive order. It’s unclear if others will follow Pfizer’s lead. Some of the companies told The Hill on Monday they remained in discussions with the administration.
“We’re working with other major pharmaceutical companies to secure similar agreements,” Trump said, later telling reporters all companies would announce deals within a week.
Trump also said Pfizer would also sell some of its most popular medications to all consumers at heavily discounted prices. He said these drugs will be available for direct purchase online at a website operated by the federal government.
The website will reportedly be called TrumpRx. It’s unclear what drugs will be made available or how widely they will be accessible.
Pharmaceutical trade group PhRMA launched a platform on Monday called AmericasMedicines.com that connects patients with manufacturers’ direct-to-consumer programs, with many of the companies named in Trump’s executive order taking part.
Updated 12:50 p.m.
