President Joe Biden is delivering an update on his administration's progress in lowering prescription drug costs.

Earlier on Thursday, the Biden administration revealed a list of 48 prescription drugs that will be subject to a mandatory Medicare rebate program. The move will lower out-of-pocket costs for seniors on some of the most expensive lifesaving pharmaceuticals.

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Biden's remarks are expected to reflect those of White House domestic policy adviser Neera Tanden and Centers for Medicare and Medicaid Services Administrator Chiquita Brooks-LaSure.

"President Biden has taken on drug companies to get a better deal for the American people," Tanden said. "He's fought on this issue, and he's won."

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"Under President Biden's leadership and the historic provisions of the Inflation Reduction Act, CMS is tackling the cost of prescription drugs and delivering meaningful savings to people across the country," Brooks-LaSure told reporters.

"In less than 16 months, we've blazed the trail to transform how much people with Medicare pay for their prescriptions."