Trump says drugmakers are going to announce massive voluntary price cuts in two weeks

  • President Donald Trump said Wednesday drugmakers are going to announce "voluntary massive" price cuts in two weeks.
  • Trump and Health and Human Services Secretary Alex Azar unveiled a blueprint to lower drug prices earlier this month.
Leah Millis | Reuters
President Donald Trump speaks prior to signing the "Right to Try Act," which gives terminally ill patients the right to use experimental medications not yet been approved by the Food and Drug Administration (FDA), at the White House in Washington, U.S., May 30, 2018.

President Donald Trump said Wednesday drugmakers are going to announce "voluntary massive" price cuts in two weeks.

While signing "right-to-try" legislation into law, Trump touted his administration's moves to lower prescription drug prices. He and Health and Human Services Secretary Alex Azar unveiled a blueprint earlier this month.

Trump said Wednesday that Azar told him Tuesday they're already seeing "tremendous improvement." He didn't specify what he was referring to, though.

"I think we're going to have some of the big drug companies in in two weeks, and they're going to announce because of what we did, they're going to announce voluntary massive drops in prices," Trump said. "So that's great. That's going to be a fantastic thing."

It wasn't immediately clear which companies he was referring to and what the "massive drops in prices" would look like. Pharmaceutical stocks didn't move on the statement.

CNBC reached out to the 10 largest drug companies in the U.S. about Trump's comments. So far, Gilead said no comment, Merck and Biogen said they're looking into it, and a Regeneron spokeswoman said the company's "not familiar with these plans."

Investors previouslysighed relief when the Trump administration's plan didn't appear as damaging as they feared, sending shares higher.

-CNBC's Meg Tirrell contributed to this report

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