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Tipsheet

Trump Announces Major Deal With Pfizer. Here's What You Need to Know.

AP Photo/Alex Brandon

President Trump and Pfizer CEO Albert Bourla announced a major deal today that will see the drug manufacturer commit to a $70 billion investment in America and reduce drug costs for users.

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"In addition, Pfizer has agreed to provide some of their most popular current medications to all consumers at heavily discounted prices," President Trump said.

"We're also announcing that moving forward, all new medications introduced by Pfizer to the American market will be sold at the 'most favored nation' cost, so we'll be paying essentially what other countries are paying," the president added.

The $70 billion investment also will see drug manufacturing moved back to America.

"They're going to bring a lot of their facilities to make their drugs...they're going to make it in the United States. I appreciate that."

"We're working with other major pharmaceutical companies to secure similar agreements," the president said.

"By taking this bold step, we are ending the era of global price gouging at the expense of American families," President Trump said, as part of his 'Make America Healthy Again' initiative. 

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In addition, President Trump said America is done subsidizing healthcare for the rest of the world:

"I can't tell you how big this is," President Trump said.

Pfizer CEO Albert Bourla called it a "historic day."

"As a result, Americans had to assume disproportional costs on their shoulders. This situation we all knew is not sustainable," Bourla said. "This is changing today, with this agreement.:

Bourla said the deal satisfied all of President Trump's requests.

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"They [American patients] are the ones that will see significant impact in their ability to buy medicines," Bourla said.

As the president mentioned earlier, other drug companies will be working with the administration.

President Trump called Bourla a "leader" and added the tariffs will be "an extra five, six, seven, eight percent."

For years, countries with socialized healthcare systems have relied on American medical innovation and drug manufacturing because their healthcare systems do not have the funds to support such research and development.

As the president said, "The United States is done subsidizing the healthcare of the rest of the world."

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