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.
Trump announces that Pfizer has agreed to provide their current medications at heavily discounted prices and that moving forward, all new medications will be available at the most favored nation cost.#MAHA pic.twitter.com/SpGALYLmOz
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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.
HUGE! Trump announces that Pfizer will be committing $70B to reshore domestic manufacturing facilities back to the USA. "They're gonna make it in the United States." pic.twitter.com/cHgjWpYPJj
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"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.
TRUMP: "We're ending the era of global price gauging at the expense of American families, and we're MAKING AMERICA HEALTHY AGAIN." pic.twitter.com/kNLhKjMBIz
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In addition, President Trump said America is done subsidizing healthcare for the rest of the world:
TRUMP: "The United States is done subsidizing the healthcare of the rest of the world." pic.twitter.com/CYEb1l2m9u
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"I can't tell you how big this is," President Trump said.
Pfizer CEO Albert Bourla called it a "historic day."
Pfizer CEO Albert Bourla
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"Today, we are turning the tide, and we are reversing an unfair situation. For years, other rich nations refused to pay their fair share for medical innovation... This is changing today." pic.twitter.com/kXRvbDQxRL
"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.
WINNING
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Pfizer CEO Albert Bourla: "With this deal that we signed today, we satisfied all four of the President's requests... The big winner of this deal clearly will be the American patient... who else is a winner here, it is American innovation and American economy." pic.twitter.com/D8leODxYAk
"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.
Reporter: Where are the other companies other than Pfizer?
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TRUMP: They're all coming in over the next week, we're making deals with all of them... If we don't make a deal then we're going to tariff them. pic.twitter.com/ojBgcLgD0w
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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