Trump's Executive Order Takes Aim at Prescription Drug Prices

On Monday, U.S. President Donald Trump issued a sweeping executive order mandating that drug manufacturers reduce prescription drug prices to match those paid in other countries. Trump's administration plans to provide drugmakers with specific price targets within a month. Failure to achieve these targets might prompt regulatory measures or allow the importation of medicines, though experts caution that such efforts could face numerous hurdles.

Throughout his presidency, Trump has consistently criticized the pharmaceutical industry for exorbitant drug prices and accused other wealthy nations of benefiting from U.S. pharmaceutical advancements. During his 2024 presidential campaign, he reiterated his commitment to addressing these pricing injustices.

However, experts warn that implementing these changes may prove challenging. Not only do drug prices vary globally, but the process may face legal challenges as it could exceed certain U.S. legal restrictions. Additionally, the pharmaceutical industry, represented by groups including PhRMA, has voiced strong opposition, citing potential damage to small and mid-sized biotech companies.

(With inputs from agencies.)