Just days after Democratic U.S. Senate nominee Phil Bredesen announced a proposal he said would reduce the price that Americans pay for prescription drugs, President Donald Trump is outlining a similar idea.

On Thursday, the Republican president said his administration will make several changes that will ultimately lower the cost of prescription drugs in the United States, including invoking what is known as the "most favored nations" clause.

The clause ensures a seller gives a buyer the best terms for something available to others. That would mean that drug companies selling prescriptions to the United States would need to offer them at the same price as they do for other countries.

"This is a change for the people," Trump said at a news conference.