Major pharmaceutical companies will announce “voluntary, massive” cuts in drug prices in two weeks, President Donald Trump said Wednesday, without providing details.
“We’re also working very hard at getting the cost of medicine down, and I think people are going to start to see for the first time ever in this country a major drop in the cost of prescription drugs,” Trump said while signing legislation making it easier for terminally ill patients to get access to experimental drugs.
The president said drug company executives, whom he didn’t name, would visit the White House to make the announcement. The White House didn’t respond to a request for further details on the plan.
The Nasdaq Biotechnology Index pared gains after Trump’s comments before recovering. The index was up 1.4% at 1:48 p.m. in New York.