President Trump, during an Oval Office event Tuesday, called out Albert Bourla, the CEO of Pfizer, for overcharging Americans for prescription drugs. “The United States has just 4% of the world’s population and consumes only 13% of all prescription drugs, yet pharmaceutical companies make 75% of their profits from the United States,” Trump said. “Think of that. We have 4% of the market, 13% of prescription drugs, and yet we pay 75% of the cost – Albert, I didn’t know you were that vile!” “I’m surprised. He’s doing the right thing.” “All new medications introduced by Pfizer to the American market will be sold at the reduced, most favored nation cost,” Trump announced Tuesday.

PRESIDENT DONALD TRUMP: I think this is one of the biggest medical announcements that this office has ever made, because we’re talking about price reductions – as you’ll see in a couple of minutes – and they’re incredible. For many years, Americans have paid the highest prices anywhere in the world for prescription drugs. They paid far more – 10, 13 times, 15 times more than other countries – for the exact same product. A major reason is that the American consumers have been subsidizing research and development costs for the entire planet. They put all of that on us, and yet they were the beneficiaries too. So it’s being changed as of today. The United States has just 4% of the world’s population and consumes only 13% of all prescription drugs, yet pharmaceutical companies make 75% of their profits from the United States. So think of that. We have 4% of the market, 13% of prescription drugs, and yet – Albert, I didn’t know you were that vile! I’m surprised. He’s doing the right thing. Thank you. And yet they make 75% of their profits from the American customers. That’s why I signed an executive order combating this practice, and we signed it very happily a little while ago. Today, Pfizer is committing – as will other drug companies as we go through the weeks – but Pfizer is truly one of the biggest in the world and one of the greatest in the world. Today, Pfizer is committing to offer all of their prescription medications to Medicaid, and it will be at the most favored nation’s prices. It’s going to have a huge impact on bringing Medicaid costs down like nothing else. I told you that in my first term, I was so proud of the fact that, for the first time in 28 years, drug prices came down. And I had a news conference that I explained – it was 0.1%, but it was down. And here we’re talking about, in one case, over 1,000%. This is a critical step forward in our work to improve healthcare. And hardworking, low-income Americans – especially low-income Americans – will be helped so greatly. In addition, Pfizer has agreed to provide some of their most popular current medications to all consumers at heavily discounted prices of anywhere between 50% and even 100%. That’s off the price – and in some cases, even more than that. These drugs will be available for direct purchase online at a website operated by the federal government. We’re also announcing that moving forward, all new medications introduced by Pfizer to the American market will be sold at the reduced most favored patient costs. So we’ll be paying essentially what other countries are paying, who have been paying much lower – much, much lower – for many, many years. Furthermore, Pfizer will invest $ 70 billion to reshore domestic manufacturing facilities. In other words, they’re going to bring a lot of their facilities to make their drugs – and what they make, their product – they’re going to make it in the United States. I appreciate that $ 70 billion investment. And they will fund research and development right here in America. We’re working with other major pharmaceutical companies to secure similar agreements. Everyone understands that the status quo, where Americans pay more for prescription drugs than foreign countries – who take advantage of us in many other ways, although not so many anymore, I think we’ve pretty well got that stopped – right?

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