WASHINGTON—The White House is planning to unveil a direct-to-consumer website for Americans to buy drugs, dubbed TrumpRx, while also announcing that Pfizer plans to lower prices on several of its medications in the U.S., according to people familiar with the matter.

TrumpRx would allow people to pay cash for certain drugs directly from a government website, at a discounted price negotiated by the government. It’s unclear how many drugs would be offered, or whether the website would be useful for the majority of Americans who are already covered by private insurance, Medicare or Medicaid.