President Trump announces drug-pricing plan

The president, speaking from the Rose Garden, said, "We're very much eliminating the middle man."
3:12 | 05/11/18

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Transcript for President Trump announces drug-pricing plan
Today. My administration is launching the most sweeping action. In history. Two lowered the price of prescription drugs for the American people. We've wanted to be doing this we've been working on it right from day one. It's been a complicated process but not too complicated. And today it's happening we will have tougher or negotiation. More competition. And much lower prices. At the pharmacy counter and it'll start to take effect very soon. My administration has already taken significant steps to get drug prices under control. We reformed the drug discount program for safety net hospitals. To save senior citizens hundreds of millions of dollars. On drugs this year alone. We're also increasing competition and reducing regulatory burdens. So drugs can be gotten to the market. Quicker and cheaper. We are very much eliminating. The middleman the middle men became very very rich. Whoever those male men weren't a lot of people never even figured it out. There rich. They won't be so rich anymore. Last year the FDA approved more than 1000. Low cost generics. The most in history which. Has already saved the American people nearly nine. Billion dollars thank use god. Next we're going to take on one of the biggest obstacles. To affordable medicine the tangled web of special. Interests. Acumen you're sitting here today. Used to be Euro the drug lobby. Is making in an absolute fortune at the expense. Of American consumers. No industry spends more money are lobbying. And the pharmaceutical health products industry last year these company spent. Nearly 280 million dollars an obvious it's more than tobacco. Oil and defense contractors. Come by. Health insurance companies and other providers spent another 200 million dollars to protect the status while. And to keep prices artificially. High. And they've been very successful doing it for many many years. Everyone involved in the broken system the drug makers insurance companies. Distributors. Pharmacy benefit managers and many others contribute. To the problem. Government has also been part of the problem. Because previous leaders turned a blind guy. It is incredible. Abuse. But under this administration. We're putting. American. Patients Ferris.

This transcript has been automatically generated and may not be 100% accurate.

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