U.S. President Donald Trump has announced that his administration will introduce a sweeping executive order aimed at reducing the prices of prescription drugs specifically targeting some of the most expensive medications covered under Medicare Part B.

Speaking from the White House, Trump stated that the forthcoming order could cut prices by as much as 80%, a move he described as a major step toward curbing Big Pharma’s “unjustifiable” profit margins. “Americans have been overpaying for lifesaving treatments for far too long,” Trump said, singling out cancer drugs and other specialty medications.

The administration claims the order will link Medicare payments to lower international drug prices, placing pressure on pharmaceutical companies to reduce costs. Trump also criticized the industry’s reliance on research and development (R&D) spending as an excuse for high prices. “It’s not about R&D,” he said. “It’s about greed.”

The proposal is expected to face legal challenges and pushback from the pharmaceutical lobby, but supporters say it could save the government and patients billions annually.

More details on the implementation timeline and specific drugs impacted are expected in the coming days.