Pfizer India shares zoom 8%; here is what you need to know

The agreement with pharmaceutical giant Pfizer will see prices for some medicines slashed by up to 85% on the direct-to-consumer TrumpRx site, the White House said in a press conference on Tuesday.

"Pfizer also agreed to lower prescription drug prices for the state-run Medicaid programme, the government's public health insurance plan for low-income Americans, in a move that will see the company avoid paying tariffs," a news report said.

Pfizer is the first pharmaceutical firm to settle a deal after Donald Trump sent letters to 17 drug companies in the summer, giving them 60 days to respond to his demands for lower prices – a deadline that expired this week, BBC reported.

It must be noted that the US president announced last week a 100% levy on branded or patented drug imports from 1 October.

About Pfizer Limited (Pfizer)

Pfizer Limited is an India-based multinational pharmaceutical company focusing on therapy in four business categories, namely, vaccines, hospitals, internal medicine, and inflammation and immunology.

Pfizer’s Vaccines Division focuses on Prevenar 13, a pneumococcal conjugate vaccine approved for administering to individuals of all ages against pneumococcal disease, an infection caused by streptococcus pneumoniae bacteria. Internal Medicine portfolio includes approximately 17 specialities and seven therapy areas, including respiratory, multivitamin and multimineral, gastrointestinal, pain, neuroscience, cardiovascular and women’s healthcare.

Pfizer Hospital Business Unit focuses on providing advanced anti-infectives to institutions such as hospitals and nursing homes. Inflammation and Immunology focuses on discovering and developing novel therapeutics for chronic autoimmune diseases. Its brands include Prevenar 13, Corex DX, Dolonex, Enbrel, Becosules and Folvite, among others.