Senate Democrats and the Biden administration dropped plans to set drug price caps based on the amount paid in other high-income countries, during talks years ago to push through the law that empowered Medicare to negotiate down the cost of prescription medications.

Trump signed an executive order on May 12 aimed at lowering drug prices to better match what other countries charge.

A 2024 report published by the RAND research organization found, using 2022 data, that prices in the U.S. were 2.78 times higher than those in 33 comparable countries across all drugs.