President Donald Trump unveiled a new deal to drastically reform the pharmaceutical industry and reduce drug prices for consumers.

Trump announced that Pfizer would be heavily discounting some of its "most popular medications" and that all new medications introduced in the U.S. markets would be sold at the "reduced Most Favored Nation cost." Trump also revealed that these discounted drugs will be available for purchase on a federally operated "TrumpRx" direct-to-consumer website.

'The big winner of this deal clearly will be the American patient.'

"It's going to have a huge impact on bringing Medicaid costs down, like nothing else. ... Especially, low-income Americans will be helped so greatly," Trump said in the Oval Office Tuesday.

"This is a consequential moment for our country,"

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