President Donald Trump has unveiled a groundbreaking deal with Pfizer that could transform the landscape of prescription drug costs in the United States.

During a recent Oval Office press conference in Washington, D.C., Trump, alongside healthcare officials and Pfizer CEO Albert Bourla, announced an agreement allowing state Medicaid programs to access certain medications at most-favored-nation prices, leading to substantial price reductions and a potential impact on the coming midterm elections, as Breitbart reports.

This pricing model ensures that the U.S. pays rates similar to those in other countries for specific medications.

Significant savings revealed

The agreement includes notable price cuts for several drugs, as detailed in a White House fact sheet.

For example, Eucrisa, a treatment for dermatitis, will see an 80% cost reduction under the new structure.

Similarly, Xeljanz for rheumatoid arthritis will drop by 40%, and Zavzpret, a migraine drug, will be reduced by 50%.

Further reductions promised

Trump hinted at more progress, stating that another major pharmaceutical firm will share a comparable plan next week at the White House.

He suggested that the upcoming reveal might feature even steeper discounts, potentially reshaping the market.

“We’re going to have another meeting next week on this. We have another great company coming in, similar kind of numbers, but we’re going to show you some 1,000 percent drops in prices,” Trump declared.

Persistent push for solutions noted

Trump stressed that slashing drug costs has been a primary focus since his return to office.

He mentioned that his team has spent eight months addressing this intricate issue, aiming for a lasting impact.

“This is a very big deal. This is a big shock to the system,” Trump noted, underlining the fairness of matching U.S. prices to global levels.

Pandemic scuttled prior progress

The president admitted that earlier plans for drug pricing were paused due to the urgent COVID-19 response.

“Everything was good, and then we’re ready to do this, which is complex and big, but what happened is COVID came, and we focused on COVID,” Trump explained.

Trump further praised partnerships with Pfizer’s Bourla and firms like Regeneron for their work on therapeutics during the crisis.