Update (1122ET):

Executive order signed.

Update (1047ET):

President Trump will sign an executive order to reduce prescription drug prices. He said the "most favored nation" policy would tie the prices the U.S. government pays for certain medications to lower rates charged in other developed countries.

The president pledged to eliminate middlemen from the drug supply chain to make pricing more transparent and direct for consumers. Additionally, the president said select medications would be imported to help drive prices down further.

Trump warned that, if necessary, his administration would launch investigations into pharmaceutical companies, vowing to confront the pharmaceutical industrial complex and powerful pharma lobby groups.