A day after President Donald Trump gave the first State of the Union address of his second term in office, Dr. Mehmet Oz, administrator of the U.S. Centers for Medicare & Medicaid Services spoke with Scripps News about the state of his agency.

"My agency is ecstatic about what the president said about most favored drug pricing, which will dramatically change the affordability of drugs in America. Remember, one in three people go to the drugstore, they can't afford their drugs," Oz said. "We love what he said about transparency because that drives both quality but also prices change when people know what they're paying for and they can make smart decisions."

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"[President Trump] also spoke about fraud, waste and abuse, by asking the Vice President to tackle this challenge and lead the war on a devastating complication that's come out of us trying to be kind people," he added. "But when people steal money from the federal government, it actually costs all of us a lot more money — and I'm not talking about a small amount of money. We're talking about massive changes to the solvency of the Medicare trust fund. We're putting hundreds of dollars back in people's pockets if you can stop this fraud."

Watch Scripps News' full interview with Dr. Mehmet Oz in the video player above.