I think this is one of the biggest medical announcements this office has ever made because we’re talking about price reductions, which, as you’ll see in a few minutes, is incredible. For years, Americans have paid the highest prices for prescription drugs anywhere in the world. They’ve paid 10 times, 13 times, 15 times more than other countries for the same product. A big reason is that American consumers have been subsidizing research and development costs for the entire world. They passed it all on to us, and yet they were the beneficiaries. So, starting today, that’s changing.
The United States has only 4% of the world’s population and consumers, and only 13% of all prescription drugs. Yet, pharmaceutical companies make 75% of their profits from the United States. So imagine this. We have 4% of the market, and 13% of prescription drugs. And yet, Albert, I didn’t know you were so violent. That’s great. I’m surprised you’re agreeing. I’m getting better. No, he’s doing the right thing. Thank you. And yet they make 75% of their profits from American customers. So, that’s why I signed an executive order against this practice. That’s why we signed it very happily a while ago.
Today, Fisher is making a commitment, as will other pharmaceutical companies in the coming weeks. But Fisher is truly one of the world’s largest, or even the world’s greatest, companies. Today, Fisher is committing to provide all of its prescription drugs to Medicaid, and at most-favored-nation prices. This will have a huge impact on reducing Medicaid costs like nothing else. I told you that during my first term, I was very proud that drug prices had fallen for the first time in 28 years. I held a press conference and said it was a tenth of 1%, but it was a reduction, and here we’re talking about over a Thousand% in one case. This is a significant step toward improving our jobs and healthcare, and it will greatly help hardworking, low-income Americans, especially those with low incomes.
Furthermore, Pfizer is agreeing to make some of its most popular existing drugs available to all consumers at substantial discounts ranging from 50% to 100%, and in some cases even more. These drugs will be available for direct online purchase on a website operated by the federal government. We are also announcing that going forward, all new drugs introduced into the U.S. market by Pfizer will be sold at the most-favored-nation discount. So we’ll basically be paying the same as other countries, who have been paying much lower prices for many years. Furthermore, FISA will invest $70 billion to revitalize domestic manufacturing facilities. In other words, they’ll bring a lot of their own facilities to manufacture their medicines and produce their products. They’re going to make it in the United States. I applaud the $70 billion investment and funding for research and development in the United States.
We’re working with other major pharmaceutical companies to achieve similar agreements. Everyone understands the status quo where Americans pay more for prescription drugs, and they pay more than foreign countries that exploit us in many other ways. Although not as much anymore. I think we’ve largely stopped it, right? I think so. We’ve stopped it. But they’ve taken advantage of many other presidents, that I can tell you. But we’re making this payment that they’ve made in the past very unacceptable. That’s why my administration is also taking historic action to investigate the unfair and discriminatory trade practices of other countries that extort our drug manufacturers to pass the costs on to the American consumer. They say, “No, give us a price, a very low price, and charge it to American consumers, to America.” America has stopped subsidizing healthcare for the rest of the world. This is a big deal. I can’t tell you how big it is.” And I was fully prepared for my first term, but then COVID hit, and we had to focus on that. But I said I want to come back here because you’re talking about cuts of 14 to 15,600% in some cases.
But by taking this bold step, we’re ending the era of global price gouging at the expense of American families, and we’re making America healthy again, which is our little topic for those behind me. And I just want to ask Secretary Kennedy to step forward and we’ll get started, and we’ll discuss this with Oz, Plump, Porla, and McCreery, and if you have any questions, let me know that this is a really big announcement. This is something that most people said wasn’t possible. And other countries are also joining us, because we told them that if they don’t join us, they don’t have to go it alone, but if they don’t join us, we’ll send them back.
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