Dec. 19 (UPI) -- President Donald Trump on Friday announced that nine of the largest drugmakers in the United States and Europe have agreed to voluntarily sell their medications at lower prices in a "Most Favored Nation" program.
In return, the companies won't have tariffs placed on their products during a three-year grace period if they collectively invest at least $150 billion in U.S. manufacturing.
All state Medicaid programs will have access to lower drug prices on products, "resulting in billions of dollars in savings and continuing President Trump's historic efforts to strengthen the program for the most vulnerable," according to a White House fact sheet.
Most people get drugs through Medicare, employers' group insurance and the Affordable Care Act, known as Obamacare, on the marketplace exchange. The Obamacare enhanced tax credits expire at the end of the year.
Trump said he will call a meeting next week or early January with health insurers to push them to lower their premiums, though costs from providers, including doctors and hospitals, have been soaring.
