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.

Trump asks the drug industry to voluntarily lower prices for U.S. consumers or be subject to a barrage of regulatory actions to force lower prices.