President Donald Trump on Tuesday announced a landmark agreement with Pfizer to offer significant discounts on a range of prescription medications in the United States.
Speaking from the Oval Office, Trump said the deal will make some of Pfizer’s “most popular” medicines available to all Americans at prices reduced by 50% to 100% through a federal government-operated website and direct online purchases.
The agreement stems from the “most favoured nation” drug pricing model introduced earlier this year. Trump indicated that other pharmaceutical companies are expected to follow suit in the coming weeks. He also warned that firms failing to lower prices could face tariffs equivalent to the cost difference.
Pfizer CEO Albert Bourla described the announcement as a “historic day,” saying the deal reverses an “unfair situation” and puts American patients first. Bourla added that Pfizer plans to invest $70 billion in manufacturing and research within the US over the coming years, aiming to expand development of cancer treatments, obesity medicines, vaccines, and other essential drugs.
“This is a historic moment for patients and for the future of healthcare in America,” Bourla said, highlighting the company’s commitment to boosting domestic production and research.
The Trump administration described the agreement as a major step in lowering drug costs and increasing access to essential medications for Americans nationwide.
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A senior U.S. official said on Monday that the memorandum of understanding linked to the U.S.-Iran agreement had been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
Israeli Prime Minister Benjamin Netanyahu has told U.S. President Donald Trump that Israel does not consider itself bound by a Lebanon-related provision in an emerging agreement with Iran, according to Israeli officials.
A strong 6.7-magnitude earthquake struck Indonesia's Sulawesi island early Tuesday, killing at least one person and injuring four, according to emergency authorities.
Seven people have been arrested in Italy over suspected sabotage attacks on high-speed railway lines during the Winter Olympics earlier this year.
Pakistan's heavy reliance on imported energy was laid bare by the U.S.-Iran conflict, which disrupted regional supplies, drove up costs and exposed vulnerabilities in the country's energy security. However, a proposed peace agreement now offers hope for economic relief.
The UK has unveiled a major new package of sanctions against Russia, targeting the shadow fleet, military supply chains and financial networks that support the Kremlin's war in Ukraine.
Russian sailors aboard a naval frigate fired warning shots at a civilian yacht in the English Channel on Tuesday after the vessel reportedly came too close, according to a source familiar with the incident.
Leaders of the Group of Seven (G7) have called for a strong and coordinated international response to the Ebola outbreak in the Democratic Republic of the Congo, urging countries to commit more resources to contain the spread of the virus.
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