President Donald Trump announced Tuesday that Pfizer agreed to provide significant discounts on a range of prescription medications in the US.

"Pfizer has agreed to offer countless prescription medications and major discounts in the United States as a result of the most favored nation drug pricing model that we established early this year," Trump said in the Oval Office.

The pharmaceutical company will provide some of its "most popular" medications to all Americans at heavily discounted prices of 50%-100% off, said Trump.

"These drugs will be available for direct purchase online and a website operated by the federal government," he added.

Trump said he anticipates additional pharmaceutical companies will adopt similar pricing measures.

He said other companies are "coming in over the next week," warning that if they do not lower prices, the US will put tariffs on them at "an equivalent amount."

"We're making deals with all of them, and I said, if we don't make a deal, then we're going to tariff them, an extra 5-6-7-8% whatever the difference is," he said.

Pfizer CEO Albert Bourla said it is a "historic day because I think today we are turning the tide, and we are reversing an unfair situation."

The "big winner" in the deal will be the American patient, Bourla added, saying Pfizer is ready to unleash its investment portfolio in the US.

Pfizer is ready to invest $70 billion in the next few years in manufacturing and research in America alone, he said.

"I really think this is an historical moment, because also I can put that behind us and focus on the things that I want to spend my time -- cancer treatments to bring better obesity medicines, to bring better vaccines, to bring things that people value," Bourla added. (ANADOLU AGENCY)