From Global News.

U.S. President Donald Trump on Tuesday said Pfizer will cut the prices of all its prescription drugs sold to the Medicaid insurance program and will introduce all new prescription drugs at a "most favoured nation" price.

Trump stated that this move will have a huge impact on bringing Medicaid costs "down like nothing else," and enable direct online purchases of these drugs via a federal government-operated website. Additionally, Pfizer plans to invest $70 billion in reshoring domestic manufacturing.

"We’re ending the era of global price gouging at the expense of American families. And we’re making America healthy again," Trump said.

Pfizer is the first of 17 drug companies to respond to Trump’s call for binding commitments to lower drug prices.

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