According to an exclusive in The Wall Street Journal, the Trump administration is preparing to launch a new drug-buying website called TrumpRx, along with a pricing agreement with Pfizer, in a high-profile push to bring down prescription costs for Americans:
TrumpRx would allow people to pay cash for certain drugs directly from a government website, at a discounted price negotiated by the government. It’s unclear how many drugs would be offered, or whether the website would be useful for the majority of Americans who are already covered by private insurance, Medicare or Medicaid.
Pfizer is expected to be the first to announce a plan to lower drug costs after President Trump pushed companies for months to lower prices in the U.S. More companies are expected to follow suit.
Trump and Albert Bourla, the chief executive of Pfizer, are set to announce the cost-cutting measure at the White House later today, according to a White House official. Bourla is also expected to announce a $70 billion investment on manufacturing medications in the U. S., according to Pfizer spokeswoman Amy Rose and a White House official.
The official estimated Pfizer’s lowered prices could benefit as many as 100 million patients.
Rose framed the outcome as a victory on multiple fronts. “It’s a win for American patients, a win for American leadership, and it’s a win for Pfizer because it provides the certainty and stability we need to continue advancing new breakthrough medicines for patients,” she said, according to the Journal.
The initiative aligns with Trump’s signature “Most Favored Nation” drug pricing proposal, which aims to tie U.S. drug prices to the lowest prices paid by comparable high-income countries.
This is a breaking news story. Please check back for updates.
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