Trump announces Pfizer deal to cut U.S. drug prices, launch TrumpRx

President Donald Trump on Tuesday announced an agreement with Pfizer under which the drugmaker will lower U.S. prices on a range of prescription medicines and participate in a new White House direct-to-consumer purchasing platform, administration officials said. The announcement, made at a White House event, follows a September 29 deadline Mr. Trump set for major pharmaceutical companies to commit to price reductions that would bring U.S. costs closer to those paid in other developed countries.

A person familiar with the matter said the agreement calls for many Pfizer products, including much of its primary care portfolio, to be offered at discounts averaging 50 percent or more off list price, and for Pfizer to introduce new drugs in the United States at price parity with comparable prices abroad. The company also agreed to sell certain medicines to Medicaid at lower prices, the person said. In return, Pfizer would receive a three year period during which it would not face tariffs, provided it continues to invest in U.S. manufacturing.

The White House said it will launch a direct-to-consumer website, named TrumpRx, where consumers can buy prescription drugs at discounted rates...