00:00President Trump is taking aim at America's sky-high drug prices, unveiling a sweeping deal with Pfizer that he says will slash costs for patients and taxpayers.
00:12The announcement came just hours before the government shut down and included a promise to deliver discounts through a new website called TrumpRx.
00:20Pfizer, one of the world's biggest drug makers, is now on board with Trump's most favored nation pricing plan, committing to match the lowest price offered in any developed country.
00:31These drugs will be available for direct purchase online at a website operated by the federal government.
00:38We're also announcing that moving forward, all new medications introduced by Pfizer to the American market will be sold at the reduced most favored nation cost.
00:48So we'll be paying essentially what other countries are paying, who have been much lower, much, much lower for many, many years.
00:57Pfizer says some drugs will be 50 percent cheaper through the site.
01:00And while Medicaid recipients could see state savings, most consumers won't see a price change until 2026 when the site goes live.
01:08The deal also includes a $70 billion U.S. investment from Pfizer in exchange for a three-year tariff reprieve.
01:15Trump's goal to pressure other pharma giants to follow suit or face the consequences.
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