00:00On drug prices, we're achieving record discounts on prescription drugs.
00:04The prescription drugs were going through the roof for many years,
00:08and now we're getting record discounts with price differences of 300, 400, 500, 600 percent.
00:17Nobody's ever heard of a thing like that.
00:19And what this is all about is that we were the highest,
00:23we had the highest prices anywhere in the world by far.
00:26Most expensive drugs, prescription drugs, and others.
00:31The highest in the world, the whole world, was laughing at us.
00:33We paid for the rest of the world.
00:35We subsidized the whole world.
00:36And I said, we're not going to do that.
00:38And I started it in the first administration.
00:41I took it up.
00:43Obviously, Biden wasn't able to do anything about it,
00:45because you had to get the consent of the drug companies,
00:48and you had to get the consent.
00:49More difficult would be the consent of other nations.
00:53The other nations had to agree,
00:54but they were paying a fraction,
00:56sometimes 10 percent, 20 percent, 40 percent, 70 percent less.
01:02So I had to call them, and I had to get them on,
01:04and I said, if you don't do it,
01:05we're going to have to charge your tariffs.
01:07And they all said no at first, very politely.
01:10They said, sir, we can't do that.
01:11We're not going to double our prices.
01:13They had to double their prices,
01:15and in some case, triple their price,
01:17and we would come down.
01:18And so a pill that sold for $10 in Germany
01:24would sell for $130 in New York.
01:27Same pill from the same company, the same factory,
01:30the same plant, the same laboratory,
01:32from $10, and we pay $130.
01:35I said, no, no.
01:37Now, the world is a bigger place,
01:38so it's not as bad as it sounds for them.
01:40So they went up to 20, and we came down to 20.
01:44So we now have the lowest drug prices anywhere in the world.
01:47We're tied with the lowest,
01:49but we're basically its favorite nation.
01:51So we have the lowest drug prices anywhere in the world
01:54from the highest drug prices.
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