“For the first time ever in this country, there will be a major drop in the cost of prescription drugs,” President Donald Trump said. | Evan Vucci/AP Photo Trump’s drug price comments appear to catch industry off guard

President Donald Trump on Wednesday said some of the nation’s biggest drug makers will voluntarily announce “massive” drug price cuts in mid-June, though he wouldn't elaborate and some industry sources said they were unaware of any announcement.

Trump made the remarks during a signing ceremony for a right-to-try drug bill while touting the work his administration is doing to combat the rising cost of prescription drugs.


“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, so that’s great,” Trump said. He added, “For the first time ever in this country, there will be a major drop in the cost of prescription drugs.”

Pharma stocks temporarily dipped after the Trump comment, but quickly rebounded.

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No other details were immediately available from the administration and industry sources told POLITICO they were unaware of the announcement.

A White House spokesperson declined to provide details. Press secretary Sarah Huckabee Sanders at her daily briefing said, “We do expect some specific policy pieces to come out on that soon,” but wouldn't elaborate. The Pharmaceutical Research and Manufacturers of America, the trade group for brand-name drug manufacturers, did not immediately respond to requests for comment.

Trump this month issued a 44-page plan to lower drug prices that included steps like requiring drugmakers to list prices in their advertisements, as well as government-funded pilot programs exploring new ways to hold the cost of medicines.The president has vowed for more than a year and a half to crack down on drug prices, pledging to take a hard line with pharmaceutical companies.

Adam Cancryn contributed to this report.