The order is based on a "most favored nation" pricing model, which is similar to a policy Trump pushed in his first administration.

In signing an executive order aimed at reducing U.S. drug prices, President Donald Trump said some prices would be cut in half or more "almost immediately." But the order is light on details of how the plan would be implemented.

President Donald Trump plans to revive an effort to dramatically slash Medicare drug costs by tying the amount the government pays for some medicines to lower prices abroad, three people familiar with the matter told POLITICO.