US President Donald Trump is scheduled to make an announcement on Friday (October 10) concerning plans to decrease prescription drug costs, a White Home official confirmed, although no additional particulars had been offered. The announcement is predicted to happen at 5 p.m. ET (2100 GMT) within the Oval Workplace.
Pfizer deal paves the way in which
The forthcoming announcement follows a deal Trump struck final week with US drugmaker Pfizer. Beneath the settlement, Pfizer will cut back prescription drug costs within the authorities Medicaid program for lower-income Individuals to match the costs it fees in different developed international locations. In return, the corporate will obtain tariff aid.
Excessive US drug prices
The US presently pays the best costs globally for prescription drugs, usually practically thrice greater than sufferers in different developed nations. Trump has been pressuring drugmakers to align US costs with worldwide charges, sending letters to 17 main pharmaceutical firms in July demanding value reductions. He required binding commitments from these firms by September 29.
Pfizer leads the cost
Pfizer grew to become the primary main drugmaker to announce a deal following Trump’s letters. The deal is seen as a key step within the administration’s broader efforts to make prescription medicines extra inexpensive for American sufferers.
This announcement is being intently watched as a possible turning level in US pharmaceutical pricing coverage.
(With Reuters inputs)
