00:00I'm thrilled to announce a major expansion of one of our signature affordability initiatives,
00:07something that people have been trying to get for years, for decades, and I'm not even sure
00:14that other presidents tried. They didn't try because the chances of them getting it were
00:19very slim. They would never have been able to do it. And that's most favored nation, drug pricing.
00:25The biggest thing you'll hear, you know, if we would cut drugs for like one-eighth of a percent,
00:32it was like a big deal. We're cutting numbers that you'll hear in a second are astronomical.
00:39Nine new pharmaceutical companies are committing to deliver their lowest drug prices for American
00:45patients. Under that most favored nation agreement, we now pay the lowest price paid
00:52by other countries anywhere in the world. So we went from the highest price for pharmaceuticals,
00:59for drugs, to the lowest. We've slashed the cost of dozens of commonly used medications and
01:06ultimately everything, all drugs, by price differences of 400, 500, and even 600 percent.
01:15Drug prices have gone down and will go down 50, 60, 70, 80 percent.
01:22There's never been an announcement like that. It won't get covered.
01:26If it were a Democrat sitting here, it would be the biggest story of the last 20 years,
01:30but it won't get covered. But that's why I speak up. I have to speak up.
01:35And the people behind me speak up also.
01:37But it's the biggest thing to happen in medicine, I think.
01:42This has a tremendous impact on health care because, as you know, pharmaceuticals,
01:47medicine is such a big part of health. So when you're reducing it by numbers like we're talking
01:51about, it has a huge impact on health care. Since launching our most favored nation initiative
01:58less than one year ago, my administration has forged agreements with the world's 17 top
02:04pharmaceutical companies. And some of them you've met at other meetings to offer their medicines
02:10at these steep discounts. And with today's announcement, we now have 26 companies representing
02:1690 percent of the domestic pharmaceutical market. And the other 10 percent are also coming in.
02:22They have no choice. In total, these agreements are projected to save Americans more than
02:28$600 billion over a very short period of time.
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