President Trump wants to lower drug prices in the U.S. by tying them to the prices paid in other developed countries. The pharmaceutical industry has long opposed the approach.

The U.S. pays about three times more than other nations for drugs, and Trump's wide-reaching executive order directs pharmaceutical companies to charge similar prices in the U.S. and Europe. The order says its health department will establish a mechanism for patients to buy more drugs directly from manufacturers.

This is not the first time Donald Trump has tried to tie drug prices to what other countries pay. During his first term, a court blocked a proposed international reference pricing program.