White House spokesperson Kush Desai said, "President Trump has been very clear that this is not a one-way street: Foreign prices are going to increase and American patients are no longer going to solely bear the burden of funding global innovation." He added, "The foreign-revenue provisions are intended to ensure incremental revenue from higher prices abroad benefit American patients, not drugmakers."
Speaking for Pfizer, Amy Rose said the company stands "by our belief that the agreement Pfizer voluntarily reached with the administration last September is a win for American patients" and that it "achieves priorities to lower prices for patients, redistribute global research and development costs, and create a predictable investment environment."
It is not yet clear what HHS will actually do with the money. According to the contract, the funds are to be used "for the purpose of lowering costs for U.S. patients and taxpayers," but it provides no additional detail. An initial fact sheet released last year said Pfizer must "repatriate increased foreign revenue on existing products that Pfizer realizes as a result of the President's strong America First U.S. trade policies for the benefit of American patients."
In December, the US and UK finalized a trade deal permitting duty-free drug imports, contingent on a substantial cut to the rebates that drugmakers pay the UK's National Health Service. Under that deal, the UK government will increase its spending on medicines by 25%. As President Donald Trump put it, "Now, other countries are paying more so that Americans can pay less. We had to get their prices up in order to get our prices down."
Policy shifts can reshape costs, so keep your financial goals steady and protected. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
For your wallet, the headline is simple: if foreign markets really do pay more and that translates into lower out-of-pocket costs here, you could feel it at the pharmacy. The catch is timing and execution, since HHS has yet to spell out how those dollars move from corporate ledgers to your bill.
When prices and policies change, a thoughtful plan helps preserve and grow savings. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
