President Donald Trump and the pharmaceutical giant Pfizer are set to announce an agreement to lower medication costs for Medicaid patients, advancing Trump’s “Most Favored Nation” pricing effort to reduce the cost of American prescription drugs.
Senior administration officials confirmed to the Washington Examiner Tuesday morning that Trump and Pfizer CEO Albert Bourla are set to announce a cost-cutting measure at the White House later Tuesday.
Recommended Stories
- Trump 'most favored nation' drug price negotiations extend past deadline
- GOP nears schism over hepatitis B vaccinations
- Thune dismisses Democrats' demand to reach Obamacare subsidies deal before shutdown
In May, Trump signed an executive order that laid out the Most Favored Nation drug pricing policy meant to bring U.S. drug prices in line with those of other developed nations, where prices are negotiated by socialized medicine systems.
Monday, Sept. 29, was the deadline that Trump set for 17 major pharmaceutical companies to begin implementing plans to lower out-of-pocket drug costs for American patients, including reducing Medicaid purchase prices and providing direct-to-consumer purchasing agreements regardless of insurance status.
Pfizer did not immediately respond to request for comment on the details of the deal.
White House spokesperson Kush Desai told the Washington Examiner that Trump is “doing more to lower healthcare costs than anyone else in Washington, D.C.”
“President Trump is leveraging the power of the federal government to drastically cut drug prices for everyday Americans. Democrats talked the talk for decades about drug prices, but only President Trump is actually walking the walk,” Desai said.
This is a developing story.