The Department of Health confirmed an announcement would be made later on Thursday on the five-year profit control agreement it signed with drug companies two years ago.
The contract - the Pharmaceutical Price Regulation Scheme (PPRS) - covers the period to 2010.
In February, the Office of Fair Trading (OFT) condemned the scheme and called for it to be overhauled.
It said the NHS was paying drug firms hundreds of millions of pounds too much for branded drugs.
It recommended replacing the current PPRS, where companies can set the initial prices of drugs under a maximum level of profits, with a "patient-focussed value-based pricing scheme".
That would ensure the price of drugs reflects their clinical and therapeutic value to patients, it said.
The OFT study identified a number of drugs where prices are "significantly out of line with patient benefits". These include treatments for cholesterol, blood pressure and excess stomach acid. It estimates the move would release about £500 million which could be used more effectively.
Channel 4 News
Insider's view: Here it comes. Now UK Big Pharma will see if it was wise to take the NHS to court over prescribing incentives!
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