CITIC Securities: Trump signs executive order to lower prescription drug prices, short-term impact expected to be limited.

CITIC Securities research report pointed out that on May 12, 2025, Trump signed an executive order entitled "Providing Most Favored Nation Price for Prescription Drugs to American Patients," aimed at lowering prescription drug prices in the American market. In the executive order, Trump proposed the "most favored nation" price, requiring pharmaceutical companies to sell drugs in the United States at prices comparable to the lowest prices in developed countries. At the same time, Trump also proposed increasing transparency in drug pricing in the United States and reducing the profit space for "middlemen" represented by PBMs. We believe that the implementation of this executive order will be difficult, and the short-term impact on the industry is expected to be limited.