President Donald Trump on Tuesday (Sept. 30) announced a new partnership with Pfizer to sell its medication through Medicaid at lower prices. CBS News White House reporter Olivia Rinaldi has more.

Washington

President Trump has revealed a new partnership between his administration and pharmaceutical company Pfizer to provide all of Pfizer's prescription medications to Medicaid at reduced prices. This agreement follows an executive order signed earlier in the year, which called on pharmaceutical companies to voluntarily lower their prices or face consequences.

The deal is based on the 'most favored nation' pricing model, which aims to match the lower prices paid for pharmaceuticals in other countries. According to the administration, the new pricing will be implemented immediately, and further agreements with other drug companies are expected to be announced soon.

Trump announces drug-pricing deal with Pfizer

All right, let's go over to CBS News White House reporter Olivia Rinaldi for another big story coming out of the White House, some economic threads tied to President Trump. She joins us now from the Washington Bureau. Olivia, good to see you. The president announced a new partnership with Pfizer to sell its medication through Medicaid at lower prices. So what can you tell us about this deal and how it all came to be? Hi, Tom. It's good to see you. Well, this deal actually came about starting back in May. The president signed this executive order asking pharmaceutical companies to voluntarily lower their prices. This is part of the quote, most favored nation pricing deal. The president often arguing that other countries pay significantly lower for pharmaceuticals saying that why don't we have that here in the U.S.? Well, he signed this executive order back in May directing these companies to voluntarily lower their prices or face some consequences. That deadline for those voluntary agreements was on Monday and it seems that Pfizer reached a deal with this administration. Take a listen to how President Trump characterized it just a short while ago in the Oval Office. 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. Now in response to a question from our Weijia Jiang, the president said that these prices will be reflected immediately and they're expecting more deals to happen with other pharmaceutical companies that should be announced in the coming weeks and days.

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