Trump set to make announcement on US drug prices: Watch

(NewsNation) — President Donald Trump is set to make an announcement on Friday about lowering U.S. drug prices.

The announcement reportedly involves a deal with British drugmaker AstraZeneca, according to MSNBC, which cited a White House official. Other outlets, including The New York Times and The Wall Street Journal, also reported on the plan.

Watch the announcement from the Oval Office in the player above at 5 p.m. Eastern.

The deal, which is expected to be unveiled from the Oval Office, is reportedly aimed at lowering prescription drug costs through a "most favored nation" pricing model, which involves matching the lowest price offered in other developed nations.

It follows a similar deal announced last week with U.S. drugmaker Pfizer. Under that agreement, Trump said, Pfizer will charge most-favored-nation pricing to Medicaid and guarantee that pricing on newly launched drugs.

Pfizer also agreed to participate in a new website called TrumpRx, which will allow people to buy medications directly from manufacturers.

In July, Trump sent letters to 17 of the largest pharmaceutical companies — including AstraZeneca and Pfizer — calling on them to reduce prescription drug prices in the U.S. He has also threatened to impose tariffs on imported drugs to persuade companies to strike deals.

NewsNation will stream the announcement in the player above.