President Donald Trump on Friday announced what the White House described as the “largest development to date” in implementing Most-Favored-Nation (MFN) pricing for prescription drugs in the United States, unveiling new agreements with nine major pharmaceutical manufacturers aimed at significantly lowering drug costs for American patients.

The announcement was made via the White House website and during an Oval Office press conference.

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According to a White House fact sheet, the agreements involve Amgen, Bristol Myers Squibb, Boehringer Ingelheim, Genentech, Gilead Sciences, GSK, Merck, Novartis, and Sanofi.

The White House said the agreements will reduce prices on medications that treat “numerous costly and chronic conditions, including type two diabetes, rheumatoid arthritis, multiple sclerosis, asthma, COPD, hepatitis B and C, HIV, and certain cancers.”

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Under the terms of the agreements, “every State Medicaid program in the country [will have] access to MFN drug prices on products made by the nine companies,” which the administration said will result in “billions of dollars in savings” for American taxpayers.

During the press conference, Trump highlighted disparities in global drug pricing and pharmaceutical profits.

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He said the United States represents approximately 4% of the world’s population but consumes 13% of prescription drugs worldwide, while accounting for 75% of global pharmaceutical profits.

“That ends now,” Trump said, attributing the change in part to tariffs.

The MFN framework requires pharmaceutical companies to sell drugs in the United States at prices no higher than the lowest price they charge in other developed nations.

Trump provided several examples during the announcement, including a Sanofi blood thinner that previously cost $750 and is now priced at less than $16, and an HIV medication from Bristol Myers Squibb that dropped from nearly $1,500 to $217.

He also said a hepatitis B medication would decrease in price from $1,400 to $413, and a hepatitis C medication from Gilead would fall from nearly $25,000 to less than $2,500.

The White House fact sheet listed additional price reductions available to patients purchasing medications directly through TrumpRx.

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Amgen will reduce the price of its cholesterol-lowering drug Repatha from $573 to $239.

Bristol Myers Squibb will lower the price of its HIV medication Reyataz from $1,449 to $217.

Boehringer Ingelheim will cut the cost of its type two diabetes medication Jentadeuto from $525 to $55.

Genentech will reduce the price of its flu medication Xofluza from $168 to $50.

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Gilead Sciences will reduce the price of its hepatitis C medication Epclusa from $24,920 to $2,425.

GSK will lower prices across its inhaler portfolio, with the asthma inhaler Advair Diskus 500/50 dropping from $265 to $89.

Merck will reduce the price of its diabetes drug Januvia from $330 to $100.

Novartis will cut the price of its multiple sclerosis medication Mayzent from $9,987 to $1,137.

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Sanofi will reduce the price of its blood thinner Plavix from $756 to $16 and will list its insulin products on TrumpRx at $35 per month’s supply.

In addition to price reductions, Trump announced that the pharmaceutical companies participating in the agreements will invest more than $150 billion in domestic pharmaceutical manufacturing in the United States. He attributed the shift in investment to tariffs.

The announcement comes as Democrats in Congress continue to focus on the expiration of Affordable Care Act subsidies.

The administration said Trump has taken significant action to reduce health care costs in the United States in less than one year.

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