So I have a pretty decent PC i would say,

AMD 8350 Octa core CPU @ 4ghz

GeForce 970 4gb graphics card

2x8 GB Hyper X RAM @ 1600 mhz

but I can just barely run fallout 4 on medium graphics and I still get less than 30 fps in the city while a friend of mine with his 2 year old amd graphics card can play the game on ultra settings at 60 fps. Is there anything I can do to fix this?

Look at this link.

http://steamcommunity.com/sharedfiles/filedetails/?id=551069501

I had this too, i got roughly same specs as you.

You must uncap the FPS

keep it around 60-70 FPS.

how u wish to run around 60-70 FPS is up to you.

I use graphic card software to cap the fps.

I have the same CPU and a lesser GPU and get 50+ frames everywhere on medium with ultra textures. Try clean install drivers or something like that, or low shadows/godrays.

Also your friend is having a bath if he says that. No AMD card from 2 years ago can ultra this game at 60fps. Go look at benchmarks.