00:00President Donald Trump on Tuesday said Pfizer will cut the price on all of its prescription drugs sold to the Medicaid insurance program and will introduce all new prescription drugs at a most favored nation price.
00:16The White House is also planning to unveil a direct-to-consumer website for Americans to buy drugs called TrumpRx and official added Pfizer will launch sales of some of its drugs directly to consumers through that website.
00:33Trump sent letters to 17 leading drug companies in July telling them to slash drug prices to match those paid overseas, a policy the President has called most favored nation pricing.
00:48He asked them to respond with binding commitments by September 29th.
00:52Today, Pfizer is committing, as will other drug companies as we go through the weeks.
00:59But Pfizer is truly one of the biggest in the world and one of the greatest in the world.
01:05Today, Pfizer is committing to offer all of their prescription medications to Medicaid and it will be at the most favored nation's prices.
01:13It's going to have a huge impact on bringing Medicaid costs down like nothing else.
01:19Pfizer is the first company to announce a deal.
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