The White House is unveiling an aggressive drug pricing strategy targeting pharmaceutical companies, promising to dramatically cut prescription drug costs for American consumers.

Donald Trump condemned the current pricing system as a “redistribution” that has allowed drugmakers to exploit US patients and signed an executive order that he says will lead to matching lower drug prices abroad.

“We are subsidizing others’ healthcare, where they paid a small fraction of what we pay,” the president said in a press conference on Monday, flanked by health and human services secretary Robert F Kennedy Jr and centers for Medicare and Medicaid services administrator Mehmet Oz.