Drugmaker Pfizer has agreed to lower drug costs and invest $70 billion in U.S. manufacturing under a deal struck with President Donald Trump's administration. Trump made the announcement with Pfizer CEO Albert Bourla at the White House on Tuesday. The announcement comes as the Republican president has for months sought to lower drug costs. Trump says under the agreement New York-based Pfizer will charge most-favored-nation pricing to Medicaid and guarantee that pricing on newly launched drugs. That involves matching the lowest price offered in other developed nations.

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A health worker shows a vial of measles-rubella vaccine during a vaccination campaign in Sumenep on Madura Island, Indonesia, Monday, Sept. 8, 2025. (AP Photo/Dita Alangkara)

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A health worker administers a measles shot during a vaccination campaign following an outbreak, at a kindergarten in Sumenep on Madura Island, Indonesia, Monday, Sept. 8, 2025. (AP Photo/Dita Alangkara)

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Paramedic Indra Kurniawan, right, carries a medical cooler containing measles vaccine as he walks with his colleague Fera Purnamasari during a house-to-house measles vaccination campaign following an outbreak in Sumenep on Madura Island, Indonesia, Monday, Sept. 8, 2025. (AP Photo/Dita Alangkara)

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Health worker Siti Nurjanah, left, administers a measles vaccine to a child assisted by colleagues during a house-to-house measles vaccination campaign following an outbreak in Sumenep on Madura Island, Indonesia, Monday, Sept. 8, 2025. (AP Photo/Dita Alangkara)