Pfizer Inc CEO Albert Bourla said the company secured a three-year grace period from President Donald Trump's promised tariffs on pharmaceuticals in a deal that would lower some of the company's US drug prices.
Pfizer will sell some drugs at a 50% average discount on a direct-to-consumer website called TrumpRx, an initiative intended to allow Americans to pay for prescriptions at discounted rates negotiated by the government.
The deal appears to resolve two major threats facing Pfizer. It would stave off more damaging drug pricing policies while shielding the company from future tariffs imposed by the administration's Section 232 investigation into whether the cost of medicine represents a national security threat.
It's the latest example of the transactional nature of winning tariff exemptions from Trump, who has unilaterally wielded trade policy to exert power over multiple industries. As recently as last week, Trump threatened 100% tariffs on the pharma industry.
Pfizer will sell some drugs at a 50% average discount on a direct-to-consumer website called TrumpRx, an initiative intended to allow Americans to pay for prescriptions at discounted rates negotiated by the government.
The deal appears to resolve two major threats facing Pfizer. It would stave off more damaging drug pricing policies while shielding the company from future tariffs imposed by the administration's Section 232 investigation into whether the cost of medicine represents a national security threat.
It's the latest example of the transactional nature of winning tariff exemptions from Trump, who has unilaterally wielded trade policy to exert power over multiple industries. As recently as last week, Trump threatened 100% tariffs on the pharma industry.
You may also like
Police give major update on device worn by Manchester attack suspect shot dead
Strictly Come Dancing stars left 'fuming' over wildly different wages for celebs
Emmerdale stars say fans will be 'hooked' by 'unpredictable' Kev as more twists ahead
EastEnders fans fume as BBC soap misses key scene in Stacey Slater's heartbreaking exit
Anthony Boyle's forgotten Derry Girls role revisited after House of Guinness success
