Trump unveiled the reduction of drug prices after Pfizer agreed to lower Medicaid prices for Americans with a lower income

US President Donald Trump is scheduled to make an announcement on Friday (October 10) regarding plans to lower drug prices on prescription, an official of the White House confirmed, although no further details were provided. The announcement is expected to take place at 17:00 ET (2100 GMT) in the Oval Office. Pfizer Deal pays the way the upcoming announcement follows an agreement that Trump concluded with US drug manufacturer Pfizer last week. Under the agreement, Pfizer will reduce the prices of medicine on prescription in the Medicaid program for the government for Americans with a lower income to match the prices it charges in other developed countries. In return, the company will receive tariff relief. High US medicine costs The US currently pay the highest prices worldwide for prescription medication, often almost three times more than patients in other developed countries. Trump has pushed drugs to align US prices with international rates and send letters to 17 leading pharmaceutical businesses in July demanding price cuts. He required binding obligations of these businesses by September 29. Pfizer leads the charge Pfizer became the first major drug manufacturer to announced an agreement after Trump’s letters. The agreement is seen as an important step in the broader efforts of the administration to make prescription drugs for American patients more affordable. This announcement is carefully regarded as a possible turning point in the US pharmaceutical price policy.