FILE PHOTO: U.S. President Donald Trump and Secretary of State Marco Rubio attend a cabinet meeting at the White House, in Washington, D.C., U.S., October 9, 2025. REUTERS/Evelyn Hockstein/File Photo

By Jarrett Renshaw

WASHINGTON (Reuters) -President Donald Trump is expected to make an announcement on Friday about lowering U.S. drug prices, according to a White House official who declined to provide any additional details.

The announcement, which follows a deal Trump announced last week with U.S. drugmaker Pfizer, is set to take place at 5 p.m. ET (2100 GMT) in the Oval Office, the official said.

Pfizer has agreed to lower prescription drug prices in the government Medicaid program for lower-income Americans to what it charges in other developed countries in exchange for tariff relief.

U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations, and Trump has been pressuring drugmakers to lower their prices to what patients pay elsewhere.

Pfizer was the first major pharmaceutical company to announce a deal with Trump after the president sent letters to 17 leading drugmakers in July telling them to slash prices. He asked them to respond with binding commitments by September 29.

The news of an impending second drug pricing announcement was first reported by CBS News reporter Jennifer Jacobs in a post on X, citing people familiar with the matter. Jacobs said a new "most-favored-nation" pricing deal would be announced at the event.

(Reporting by Jarrett Renshaw in Washington; Writing by Michael Erman in New Jersey; Editing by Arun Koyyur and Bill Berkrot)