Overview

• President Trump sent identical letters on July 31 directing top drug CEOs to match U.S. drug prices with the lowest rates in comparable nations within 60 days.
• The correspondence invokes the May executive order on Most-Favored-Nation pricing and warns of unspecified trade and regulatory actions for noncompliance.
• Pfizer and Roche say they have engaged in productive talks with HHS and CMS officials, even as industry groups signal imminent legal challenges and potential supply disruptions.
• Administration data show Americans pay two to three times more for brand-name drugs than patients in peer countries, a disparity that underpins global research funding.
• Shares of leading U.S. and European pharmaceutical firms slipped in early trading as investors weighed the prospects of enforcement and doubts over presidential authority.