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

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

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

On May 12th the president signed an executive order that seeks to force drugmakers to reduce their prices in America to align with the lowest rate they charge in other rich countries. That adds to the consternation of pharma bosses already fretting over Mr Trump’s protectionism.

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.

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