Trump's Push to Slash Drug Prices by 59%

President Donald Trump declared his intention to drastically reduce prescription drug costs by 59%, although he did not provide specifics on the plan. The announcement precedes a health-related event at the White House on Monday.

Trump intends to sign an executive order to pursue 'most favored nation' pricing, a concept known as international reference pricing. A similar attempt was made during his first term but was halted by the courts. His announcement, made via social media, has already impacted the market, causing U.S. pharma shares to drop.

The President is slated to host an event with Health Secretary Robert F. Kennedy Jr. to discuss these changes. The initiative is expected to target Medicare, the federal health insurance program for seniors and the disabled. While the U.S. pays significantly more for drugs compared to other nations, Trump has promised to bridge this gap, although details remain scarce.

(With inputs from agencies.)