WATCH: Trump says more pharmaceutical companies will lower drug prices

The Trump administration has signed agreements with nine additional pharmaceutical firms to offer discounted drugs to state Medicaid programs. These companies will sell their drugs at discounts under the so-called "most favored nation" pricing system. According to CBS News, this effort is projected to save Americans more than $600 billion.

The new agreements bring the total number of companies in the administration's most-favored-nation pricing program to 26, representing 90% of the domestic pharmaceutical market, as reported by Quartz and CBS News. The nine new firms that have agreed to offer consumer discounts include Alcon, Astellas Pharma, BeOne Medicines, BridgeBio, CSL, Kyowa Kirin, Sun Pharma, Teva Pharmaceuticals, and UCB, according to CBS News.

The companies will charge state Medicaid programs the same low prices offered anywhere in the world, with President Trump stating that every drug "will be at the lowest prices available anywhere in the world," as reported by The Hill. The agreements are part of the Trump administration's effort to offer drugs in the U.S. at comparable prices to those in other developed nations.

Brief written by urgent.news from PBS NewsHour Health, Quartz, CBS News, The Hill, Endpoints News — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.