But drug companies are trying to stymie the effort with a raft of lawsuits.
Some offer patient assistance programs, where people can access drugs for free, or cheaper than they would normally pay.
Advocates say a waiver is "a moral imperative" to help make vaccines readily available worldwide.
The question is: Are they really necessary?
The president is expected to meet with pharmaceutical industry executives, who are opposed to the changes, on Tuesday.
Incarcerated people form a large market for pharmaceutical companies. The ethics of that relationship can be complicated.
The nation’s three dominant drug distributors and a big drugmaker have reached a $260 million deal to settle an opioid crisis lawsuit just as the first federal trial over the crisis was due to begin.
Johnson & Johnson is appealing the decision, which could be the first of many legal battles.
Both companies are under pressure to improve their performance.
Prescription drug prices have been rising over the past few years.