Trump says will make announcement next week on reducing drug prices

BEDMINSTER, N.J. (Reuters) - U.S. President Donald Trump said on Tuesday that his administration would make an announcement next week on reducing drug prices, but he did not offer specifics.

Speaking at a dinner with business leaders at his New Jersey club, Trump said, "We are announcing something next week which is going to get them down really substantially."

Trump has made lowering the cost of prescription drugs an issue for his administration.

At the dinner, he thanked Pfizer Inc (NYSE: PFE), the largest U.S. drugmaker, for announcing last month that it would not follow through on a planned increase in drug prices.

Trump had previously taken aim at the company and other U.S. drugmakers for raising prices on some drugs.

In May, Trump unveiled a "blueprint" to lower drug prices that appeared to largely spare drugmakers and instead took aim at "middlemen" such as health insurers and pharmacy benefits managers, which demand hefty rebates in exchange for broad access to patients.

(Reporting by James Oliphant; Writing by Eric Beech; Editing by Sandra Maler)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Nevada sues to block Trump administration's Colorado River plan
• US removes Syria from terrorism sponsor list, lifting major investment obstacle
• S&P 500, Nasdaq end down on tech stocks, investors weigh Iran moves