Pfizer to Cut U.S. Drug Prices, May Invest $70B

President Trump is expected to announce a deal with Pfizer under his “Most Favored Nation” initiative in which the company will lower prices on several medicines and sell some drugs to Medicaid at reduced rates, and the White House will unveil a direct-to-consumer drug-purchasing site called “TrumpRx.” Administration officials said Pfizer’s reductions could help as many as 100 million patients, and reports say Pfizer may announce a $70 billion investment in U.S. drug manufacturing. Key details — which drugs, the size of the price cuts, and the mechanics of the Medicaid sales and TrumpRx — remain unclear, and Pfizer had not immediately commented. The announcement follows a May executive order and a Sept. 29 deadline the White House set for major drugmakers to offer lower out-of-pocket prices or face consequences. Markets reacted positively, with Pfizer shares rising on the reports.