Trump to announce deal with Pfizer to lower drug prices Berkeley Lovelace Jr.September 30, 2025 at 11:55 PM 0 Donald Trump in Quantico, Va., on Tuesday.
- - Trump to announce deal with Pfizer to lower drug prices
Berkeley Lovelace Jr.September 30, 2025 at 11:55 PM
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Donald Trump in Quantico, Va., on Tuesday. (Alex Wong / Getty Images)
President Donald Trump will announce Tuesday that his administration has reached an agreement with Pfizer to voluntarily sell its drugs at lower prices, according to a White House official.
The official, however, did not specify which drugs would be affected or by how much. Nor was it clear whether the lower prices would be available only for people on government insurance such as Medicaid or those with private insurance.
Pfizer, among the largest drugmakers in the U.S., makes a range of drugs, including the blood thinner Eliquis, the cancer drug Ibrance, and the Covid vaccine.
The deal is part of Trump's broader effort to implement a "most favored nation" pricing model for prescription drugs, meaning that the U.S. pays no more than the lowest prices charged in other wealthy countries.
In May, Trump signed an executive order outlining the initiative, which directed federal officials to pursue a plan that would tie the amount the government pays for certain drugs to the prices paid overseas.
Pfizer — the first drugmaker to announce a deal under the plan — will "reduce prices across the board," a White House official said.
The company will also sell its drugs on a "direct to consumer" website called "TrumpRx," the official said.
The company will also announce a $70 billion investment in research and development and domestic manufacturing, the official said.
Pfizer did not immediately respond to a request for comment.
Prescription drugs prices are notoriously higher in the U.S. than in other wealthy countries.
A 2022 survey by KFF, a nonpartisan health policy research group, found 3 in 4 U.S. adults say the cost of medications is unaffordable.
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