Trump Targets Big Pharma: U.S. Drug Prices Must Match Overseas Rates

President Donald Trump has issued a stern directive to 17 major pharmaceutical firms, urging them to slash prescription drug prices in the United States to align with those paid in other countries. The White House announced on Thursday that letters were dispatched to CEOs of leading companies, detailing the President's expectations for affordable healthcare.

Trump's executive order, enacted in May, warned of potential regulatory actions, including importing cheaper drugs, should companies fail to comply. The President's letters underscored dissatisfaction with industry responses, accusing them of perpetuating blame and seeking policy changes benefiting the companies financially.

The response from pharmaceutical markets was cautious, with some stock prices dipping. Analysts speculate minimal compliance impact, as previous calls for voluntary changes had limited success. Key players like Pfizer have expressed willingness to collaborate, though drastic price cuts could hinder innovation, according to the industry.

(With inputs from agencies.)