Greek CEO of Pfizer, Albert Bourla, Signs Deal With Trump to Lower Drug Prices

US President Donald Trump shakes hands with Pfizer CEO Albert Bourla (R) during an announcement successful the Oval Office astatine the White House. Credit: Francis Chung / EPA via AMNA

In a large improvement for US healthcare, President Donald Trump and Greek CEO of Pfizer Albert Bourla announced a groundbreaking statement to trim medicine cause prices for American patients.

The announcement, made from the Oval Office connected Tuesday, signals a important displacement successful however pharmaceuticals could beryllium priced and accessed successful the United States.

#Pfizer CEO Albert Bourla, speaking successful the Oval Office connected Tuesday astir the company’s woody to little cause prices, said the victor of the woody volition “clearly volition beryllium the American patient.” Bourla said the institution satisfied each 4 of the requests President #Trump outlined. Among the different steps is pursuing tougher terms negotiations overseas and adopting models that merchantability its medicines straight to consumers oregon businesses. As portion of the deal, Pfizer has besides agreed to a three-year grace play during which the company’s products won’t look pharmaceutical-specific #tariffs – arsenic agelong arsenic the drugmaker further invests successful U.S. manufacturing. Read much astir the woody astatine the #linkinbio oregon pat connected your screen. #CNBC

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Pricing parity crossed borders

Under the agreement, Pfizer, headquartered successful New York, volition terms its drugs successful the US astatine “most-favored-nation” levels, matching prices successful different developed countries. New medications entering the US marketplace volition besides adhere to this standard.

While determination is nary implicit headdress connected cause prices, the determination aims to code the information that US patients presently wage immoderate of the highest medicine costs successful the world—sometimes 3 times higher than successful comparable nations.

Direct-to-Consumer platform

The statement besides includes the motorboat of a caller platform, TrumpRx, allowing patients to acquisition medications straight from manufacturers. Pfizer confirmed that discounts done the tract could scope from 50% to 80% for those without backstage insurance.

Medications already disposable done the level see Ozempic, Xeljanz (for rheumatoid arthritis), Zavzpret (for migraines), Eucrisa (for dermatitis), and Duavee (for postmenopausal osteoporosis), with terms reductions ranging from 40% to 85%.

Details connected the platform’s operations stay limited, but the national authorities volition oversee its administration. Officials indicated that TrumpRx volition nonstop patients to shaper websites alternatively than selling drugs directly, with a people rollout for Medicaid patients by aboriginal 2026.

Investing successful home production

Beyond pricing, Pfizer volition put $70 cardinal successful research, development, and home manufacturing, with a three-year exemption from tariffs connected US-produced pharmaceuticals. Bourla described the woody arsenic a “landmark” that could alteration cause pricing successful America. Currently, Pfizer operates 9 accumulation facilities crossed 11 states.

Traditionally, pharmaceutical companies bash not merchantability straight to consumers. But companies similar Novo Nordisk and Eli Lilly person precocious started offering definite medications online. Trump indicated that each aboriginal Pfizer drugs successful the US volition adhere to these caller pricing standards, hinting astatine imaginable agreements with different manufacturers.

Bourla’s idiosyncratic story

Born into a Greek Jewish family, Albert Bourla has often spoken astir his sensitivity to antisemitism and the shadows of past that shaped his life. If it hadn’t been for the courageousness of his mother, father, and the enactment of extended household during World War II, Bourla himself mightiness ne'er person been born.

Pfizer CEO Albert Bourla’s household narrowly survived the Holocaust. Credit: AMNA

A descendant of Thessaloniki’s Sephardic Jewish community—whose ancestors fled Spain successful 1492 and flourished successful Greece nether Ottoman rule—Bourla mislaid overmuch of his extended household to the Holocaust. Tens of thousands of Thessaloniki Jews were deported during the Nazi occupation; lone astir 2,000 survived successful hiding oregon by escaping.

On International Holocaust Remembrance Day successful 2021, Bourla shared the communicative publically for the archetypal time: if his parents had not evaded execution astatine the past moment, helium would not beryllium today. This history, helium has said, informs some his enactment and his committedness to advancing planetary health.