(MENAFN- Live Mint) US President Donald Trump is scheduled to make an announcement on Friday (October 10) regarding plans to lower prescription drug prices, a White House official confirmed, though no further details were provided. The announcement is expected to take place at 5 p.m. ET (2100 GMT) in the Oval Office.

Pfizer deal paves the way

The forthcoming announcement follows a deal Trump struck last week with US drugmaker Pfizer . Under the agreement, Pfizer will reduce prescription drug prices in the government Medicaid program for lower-income Americans to match the prices it charges in other developed countries. In return, the company will receive tariff relief.

High US drug costs

The US currently pays the highest prices globally for prescription medications, often nearly three times more than patients in other developed nations. Trump has been pressuring drugmakers to align US prices with international rates, sending letters to 17 leading pharmaceutical companies in July demanding price reductions. He required binding commitments from these companies by September 29.

Pfizer leads the charge

Pfizer became the first major drugmaker to announce a deal following Trump's letters. The deal is seen as a key step in the administration's broader efforts to make prescription medicines more affordable for American patients.

This announcement is being closely watched as a potential turning point in US pharmaceutical pricing policy.
(With Reuters inputs)

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