Pfizer’s CEO, Albert Bourla, revealed on Tuesday that the company has secured a three-year exemption from the tariffs imposed by the U.S. government under “Section 232”.
In return for a temporary tariff exemption, Pfizer will move some of its production to the U.S., leading to lower prices for certain medicines in the American market.
Medications at reduced prices
Pfizer’s medication will be sold through the Medicaid program in the United States, offering discounts of up to 50% to low-income families.
The White House also plans to expand options for obtaining solutions through the TrumpRx program, an online platform that will be introduced to enable American individuals to purchase medications at lower costs.
The new plan, as stated by President Donald Trump, aims to make healthcare more affordable for Americans by potentially cutting prices by 50% to 100% through direct negotiations with pharmaceutical companies.
Market response.
Pfizer’s actions surged by 5.6% following the announcement, marking the highest increase of the session. This news came as a relief to investors as the stock had previously experienced a 10% decline for the year.
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