New Delhi, Oct. 10 -- US President Donald Trump is scheduled to make an announcement on Friday (October 10) regarding plans to lower prescription drug prices, a White House official confirmed, though no further details were provided. The announcement is expected to take place at 5 p.m. ET (2100 GMT) in the Oval Office.

The forthcoming announcement follows a deal Trump struck last week with US drugmaker Pfizer. Under the agreement, Pfizer will reduce prescription drug prices in the government Medicaid program for lower-income Americans to match the prices it charges in other developed countries. In return, the company will receive tariff relief.

The US currently pays the highest prices globally for prescription medications, often nearly ...