00:00Meanwhile, Pfizer CEO Albert Bola described the deal as historic commits Pfizer to offering all its medications to mediate at most favoured nation pricing, matching the lowest prices paid by other wealthy nations.
00:14The agreement also includes a commitment from Pfizer to relocate the production of US Consumed Medicine, currently manufactured overseas.
00:24Bola confirmed that the company is ready to unleash its investment portfolio domestically, supported by a three-year risk period exempting Pfizer from Section 232 tariffs contingent on moving production to the US.
00:39So it's an historic day, because I think today we are turning the tide and we are reversing an unfair situation.
00:47For years, other rich nations refused to pay the fair share for the medical innovation.
00:55And as a result, Americans had to assume this proportional cost on their soldiers.
01:01By this agreement that we did, we commit to onshore the production of our medicines that are consumed in the US and are made outside the US.
01:13And for that, we are ready to unleash our investment portfolio in this country.
01:19And the president graciously gave us a three-year grace period that we will not be subject to the 232 tariffs, as long as, of course, we move the products here.
01:28U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations.
01:38And Trump has been pressuring drug makers to lower their prices toward patient pay elsewhere.
01:44The U.S. has been engaged in one-on-one talks with companies.
01:48Kennedy Jr. said at a cabinet meeting last month, adding that Commerce Secretary Howard Lutnik was using a threat to tariffs on the industry for additional leverage.
01:57The launch prices of drugs in the United States have been rising significantly in recent years.
02:02Many new medications enter the market at annual prices in hundreds of thousands of dollars, leading to questions about whether patient benefits are worth the cost.
02:12A Reuters analyst found that U.S. prices for newly launched pharmaceutical more than doubled last year to a median of $370,000 compared to $180,000 in 2021.
02:27defense consumer requests for additional $500,000 daily to $24,000 in 2016.
02:32In addition to this, we have the 5-year've
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