Trump to present plan to reduce drug prices

(REUTERS/Bryan Woolston)

President Trump will deliver a speech on Friday focusing on curbing prescription drug costs.

It was an issue Trump brought up in his State of the Union address.

The speech will address prices, the impact on consumers and what makes negotiating lower prices for seniors in the government's Medicare program difficult, said White House officials.

The administration’s strategies include: creating plans to share a minimum portion of drug rebates with patients, as well as making it easier for cheaper generic drugs to reach the market and make generic drugs free to low-income seniors.

Medicare Part B reforms proposed by the President would limit payment for price increases that are above the inflation rate and cut incentives for doctors to write high-price prescriptions.

The Food and Drug Administration issued new guidance to facilitate navigation of the generic drug approval process, helping to lead to the most ever generic drugs getting approved in 2017.

Officials said some of the proposals will be administrative, while others may need acts of Congress.