U.S. officials on Sept. 30 announced a deal with Pfizer that involves the drug company agreeing to cut prices for Americans.
Among the features of the agreement: Medicaid programs will have access to “most favored nation” pricing, or the lowest price among developed countries, moving forward. That could lead to better prices for the program that serves more than 70 million people, a senior administration official told reporters on a call on Tuesday.
Here’s what we know.
Prescription Drug Spending
The United States spends hundreds of billions of dollars a year on prescription drugs. Americans pay more for prescription drugs than patients in other countries, nearly three times as much on average, according to a 2024 government report….