Trump delivers remarks on prescription drug prices

During the remarks, President Donald Trump criticized pharmaceutical companies he claimed were working against him and repeated false claims that he won the election.
6:53 | 11/20/20

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Transcript for Trump delivers remarks on prescription drug prices
The unprecedented reforms where completing today. The direct result of the historic drug pricing executive orders I signed in July. Statutorily we had to go through very long process. And we got it done his very proud to have gotten his that we are pushing it very heart. As we did with the vaccines and other things. The first action will save American seniors billions of dollars by preventing. Middlemen claim is middleman they call him. From ripping off Medicare patients with Heidi prescription impresses. Currently drug companies provide large discounts on the price of prescription medicines including nearly forty billion dollars in rebates. To Medicare part. Yet often middlemen stop those discounts from going to the patients. Which is what we're interested in not the middleman. Who need it the most so the patients are going to be now getting the benefit instead of these very wealthy individuals. Patients pay very high prices and a half for many years although we brought it down. The first time in 51 years with the cost setting up. Two hundreds or even thousands of dollars per year per patient. Today's action ends this injustice and requires that these discounts go directly. To people. These are the people that need it. This will save patients up to 30%. Could be 40% could be 50% could be much higher than that these are numbers that nobody is ever even contemplated. And dad. That doesn't include lifesaving drugs like insulin which will be even higher insulin was. Destroying lives and destroying families because of course was so high and now. It's. At a level that nobody can even believes that correction. 35 dollars a month from. Many times that number. The second row were finalizing today will transform the way the US government pays for drugs to end global freeloading. On the backs of American citizens and American patients. Until now Americans have often been charged more than twice as much for the exact same drug. As other medically advanced countries. We would be. Having a drug. Identical drug. The same company. And we pay many times the price of what that drug which sell for in certain countries. In case after case our citizens pay massively higher prices and other nations pay for the same exact pill. From the same factory. Effectively subsidizing socialism or bored with skyrocketing prices at home so we would spend tremendous amounts of money in order to provide. Inexpensive drugs to another country. And when I say the press is different you can. See some examples where the prices beyond any thing four times five times different. For example Medicare part B recipients are forced to spend five times more for a common breast cancer medication. Then patients in other countries so. Five times more and we have other examples that are. Substantially higher than that. To address this and fairness and to lower prices for Americans were finalizing. The most favored nation will remember that name most favored nation rule. Nobody's ever done this. The drug companies don't like me too much but it we had to do it. Took a long time before roof we were able to do this. Because statute generally ready go through a process but they'll they'll never be anything like this I just hope they keep it I hope to have the courage to keep it because the powerful drug lobby big pharma. Is. Putting pressure on people like you wouldn't believe Medicare. Well now look at the price that other developed nations pay for a there. Drugs. And instead of paying the highest price on the list and we are substantially higher than any other country in the world. We will pay the lowest price in other words we take the lowest price and we match whatever the lowest prices. Leading to colossal savings for all Americans. And we're talking about savings of 506070%. 80%. Different drugs different prices. In addition today we take you one more historic action to hold down drug prices. In the past drug companies have been allowed to identify certain very old. Generic drugs. That'd been widely available for decades. And explored and misguided program called unapproved drugs initiative. That's unapproved drugs initiative. A program that has been around for a long time and hasn't been do good for the the people that we're supposed to benefit. To obtain market exclusivity in these matters so. We are. Doing something that nobody thought anybody would do. These savings is going to be. Incredible. Then they've jacked up the prices by as much as 1000 to 5000%. On. This product. This program is also cause shortages of import medicines today I'm announcing that we are ending the unapproved drugs initiative. Program do stuff. This unfair practice. So prices are lifted by a 1000% to 5000 present and Warner to case is even more than that. And we're ending this we are putting an end to it. Together these reforms are save American patience many many billions of dollars every single year. For generations the American people have been abused by big pharma. And they are army of lawyers lobbyists and border and paid for politicians. But I've been loyal to the special interest I've been loyal to our patients. And people that need drugs prescription drugs. And devoted myself to completely fighting for the American people you see that. This is not an easy thing to do big pharma ran millions of dollars of negative advertisements against me during the campaign. Which I won by the way but you know find that out. Almost 74 million votes. We have big pharma again says we have the media against us. We had been checked against us. A little out of dishonesty against us. But big pharma alone ran millions and millions of dollars and is in fact I look at innocent who is just. They. I've never seen anything quite like it because I told them I'm an have to do this you know I was put here to do a job.

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

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