PRESIDENT Donald Trump is set to unveil a direct-to-consumer website called TrumpRx that makes it easier for Americans to buy drugs.
The new platform will enable individuals to pay cash for certain medications at a lower rate negotiated by the government.
President Donald Trump has unveiled a direct-to-consumer website called TrumpRx[/caption]
TrumpRx will be released at the same time as major pharmaceutical industry company Pfizer agreed to lower prices, The Wall Street Journal reported.
The president has been pushing for companies to lower costs for months, and expects more people to follow suit in the future
Pfizer spokesperson Amy Rose predicted that this deal could benefit as many as 100 million patients.
“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.
White House spokesman Kush Desai said that Trump is using the power of the government to “drastically cut drug prices.”
“Democrats talked the talk for decades about drug prices, but only President Trump is actually walking the walk,” he added.
In addition to lowering prices, Pfizer is planning on investing $70 billion into manufacturing drugs in the US.
This came after Trump threatened branded drugs with 100% tariffs if they aren’t building facilities on American soil.
Pfizer, which sells more drugs than any pharmaceutical company in the world, will likely dodge the levies thanks to the deal.
In July, Trump penned a letter where he explained that he wanted Americans to enjoy the same prices as other developed countries under a new “Most-Favored-Nation” (MFN) plan.
“Right now, brand name drug prices in the United States are up to three times higher on average than elsewhere for the identical medicines,” he wrote.
“This unacceptable burden on hardworking American families ends with my Administration.”
Trump asked pharmaceutical manufacturer Eli Lilly and Company and its competitors to follow four guidelines within the next 60 days.
Those included applying MFN pricing to Medicaid patients, guaranteeing MFN pricing for newly launched drugs, returning increased revenues abroad to American patients, and providing direct purchasing at MFN pricing.
“Americans are demanding lower drug prices, and they need them today,” Trump wrote in the letter.
“Other nations have been freeloading on US innovation for far too long: it is time they pay their fair share.”
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