Washington (CNN) President Donald Trump signed two pieces of legislation into law on Wednesday that aim to inform consumers about drug prices.

Both measures, the Know the Lowest Price Act and the Patient Right to Know Drug Prices Act, aim to end the drug industry's so-called gag orders of pharmacists, which prevent them from discussing cheaper price options with consumers. These price options include discussing whether a medication may be less expensive if using insurance or paying out-of-pocket.

At Wednesday's signing, the President called the gag clauses "unjust" and said the legislation would lower drug prices that are "way out of whack" and "way too high."

"It's called the law of supply and demand. They didn't want to have that. But now we have that and it's going to lower drug prices," Trump added.

Both the President and Health and Human Services Secretary Alex Azar said at the signing that they expect further regulatory action on reducing drug prices in the coming months.

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