The Latest: Trump says proposal will lower US drug prices

President Donald Trump arrives to talk about drug prices during a visit to the Department of Health and Human Services in Washington, Thursday, Oct. 25, 2018. (AP Photo/Susan Walsh)

WASHINGTON (AP) — The Latest on President Donald Trump’s announcement on the cost of prescription drugs (all times local):

2:30 p.m.

President Donald Trump says he’s taking steps to lower prescription drug prices.

Trump said Thursday that for decades other countries have rigged the system so Americans pay more. He says Americans are now going to pay the prices other countries pay.

Under a proposal announced by the Department of Health and Human Services, payment for certain drugs administered in doctors’ offices would shift to a level based on international prices.

The department says overall savings to U.S. programs like Medicare and to patients would total $17.2 billion over five years.

The proposal is structured as an experiment and would apply to half the country.

Drugmakers are sure to push back, arguing it would be tantamount to adopting price controls.

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10:50 a.m.

Less than two weeks before the midterm elections, President Donald Trump plans to make an announcement on the cost of prescription drugs.

Health care is high among voters’ election-year concerns. Trump has promised sweeping action to attack drug prices, both as president and when he was running for the White House.

Administration actions have yet to show major impact on the cost of prescription drugs.

Trump was visiting the Health and Human Services department Thursday for what was being billed as a major announcement.

Before that visit, the department released a report that finds U.S. prices for the top drugs administered in doctor’s offices are nearly twice as high as in foreign countries. Many are cancer drugs that Medicare pays for directly.

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