President Donald Trump took on Big Pharma Monday with an executive order that will reduce the prices for prescriptions. The

President Trump signed the executive order shortly before 11 a.m. after a press conference in which he and top officials railed against the drug industry and painted the order as

The market reaction came as Trump signed a wide-ranging executive order aimed at slashing prescription drug prices in the US.

There are many problems with the plan. It ignores the fact, for instance, that generic drugs, which make up 90% of prescriptions in America by volume, cost around a third less than in other rich countries, according to the rand Corporation, a think-tank.

WASHINGTON (TNND) — President Donald Trump on Monday morning signed "one of the most consequential executive orders in our country’s history" to reduce prescription drug prices by up to 80% in the United States.

The pharmaceutical industry, which is well known for its well-resourced lobbying campaigns, has a lesser-known tactic for influencing policy: bankrolling ostensibly independent nonprofit organizations to push industry talking points in Washington and across the nation.

Trump’s previous attempt to implement international reference pricing during his first term was blocked in court, though it was estimated to save over $85 billion over seven years by reducing the U.S.

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