Pfizer Inc. will announce plans to lower prescription drug prices at an event Tuesday alongside President Donald Trump, according to multiple White House officials.
The drug company is expected to announce across-the-board reductions on US prices, with Americans enrolled in the US Medicaid insurance program receiving “most favored nation” pricing on some Pfizer medicines, one of the officials said. Trump has repeatedly pressured companies to bring their US prices into line with what foreign purchasers pay for the medicine.
Pfizer will also launch direct-to-consumer sales of drugs at substantial discounts through TrumpRx, a planned government website that will allow Americans to pay cash for discounted drugs at rates negotiated by the government.
The announcement, which is expected to include Pfizer Chief Executive Officer Albert Bourla, will also see the drugmaker announce a $70 billion push on research and development and domestic manufacturing, one of the officials said.
“President Trump is doing more to lower healthcare costs than anyone else in Washington, DC. While Democrats are threatening to shut down the government to subsidize health care for illegal aliens, President Trump is leveraging the power of the federal government to drastically cut drug prices for everyday Americans,” White House spokesman Kush Desai said in a statement. “Democrats talked the talk for decades about drug prices, but only President Trump is actually walking the walk.”
Pfizer’s shares rose as much as 4.6% Tuesday before pairing gains.
The most-favored-nation policy demands companies reduce Medicaid prices, increase the costs of their drugs overseas, promise to match foreign prices for future drugs to what they cost in the US and set up discounted direct-to-consumer sales for certain high-volume treatments.
"The White House is planning to unveil a direct-to-consumer website for Americans to buy drugs, dubbed TrumpRx, as well as announce that Pfizer plans to lower prices on several of its medications in the U.S."https://t.co/0zz8FIg5By — Karoline Leavitt (@PressSec) September 30, 2025
Pfizer didn’t respond to a request for comment.
Trump outlined his demands in July with letters to 17 of the world’s largest drugmakers, including Eli Lilly & Co., Novo Nordisk A/S and Pfizer. Those letters gave the companies until Sept. 29 to comply, with the president vowing to “deploy every tool in our arsenal” to punish drug makers that didn’t follow through.
The pharmaceutical industry has protested the idea of globally-linked drug prices as a threat to years of US dominance in biomedical research. Drugmakers warn it will sap the incentive to invent new therapies and prevent patients from getting medicines they need. Executives have urged the administration to instead turn its attention to the middlemen in the pharmaceutical supply chain, who negotiate prices on behalf of employers.
After Trump’s latest demands, some companies issued statements touting their willingness to work with the administration on access and affordability. The industry’s largest trade group, however, took a stronger stance against the proposed changes.
Trump has also targeted the industry in other ways, pressuring drugmakers to shift more of their production to the US. Last week, he announced plans to levy tariffs of 100% on branded or patented drug imports unless the manufacturers are building plants in the US. Trump has said those levies would start on Oct. 1.
The Washington Post first reported Pfizer’s agreement.
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