Overview

• The 100% levy on specified imported branded pharmaceuticals took effect on October 1 with carve‑outs for generics, companies investing in U.S. production, and caps near 15% for some allies under trade agreements.
• Pfizer confirmed a deal to lower prices on select medicines, commit about $70 billion to U.S. manufacturing, and receive a three‑year exemption from certain drug tariffs tied to its onshoring plans.
• Under the agreement, Pfizer will apply most‑favored‑nation pricing to Medicaid for some products and offer sizable discounts on many primary‑care drugs through the government‑promoted TrumpRx portal.
• TrumpRx is slated to launch in early 2026 as a search-and-redirect site showing government‑negotiated prices rather than a government pharmacy, and key details on eligible drugs and patient access remain unclear.
• Industry groups criticized the push and early market responses include reported price increases overseas and new direct‑sale platforms, even as experts note prior ‘most favored nation’ efforts faced legal hurdles and insurer/PBM rules may blunt savings.