WASHINGTON — President Donald Trump announced a sweeping deal with Pfizer that will slash the cost of prescription drugs for Americans, marking a significant step in his push to lower healthcare costs.

Under the agreement, Pfizer will provide some of its most widely used medications at discounts ranging from 50% to 100% off, dramatically reducing out-of-pocket expenses for patients. Additionally, all new medications introduced to the U.S. market will be sold at the Most Favored Nation (MFN) price, ensuring Americans pay no more than patients in other advanced countries.

“This is a historic step forward,” Trump said. “Pfizer is committing to offer all of their prescription medications to Medicaid at the Most Favored Nation prices. It’s going to have a huge impact on bringing Medicaid prices down.”

Healthcare analysts say the move could reshape the prescription drug market by forcing competitors to follow suit and bring relief to millions of Americans struggling with rising healthcare costs.