The executive order was the largest action to date by the second Trump administration on prescription drug costs but experts said it will probably not cause significant overall price decreases except in upcoming Medicare Part D negotiations, according to a New York Times report.

President Donald Trump has ordered the Department of Health and Human Services to standardize Medicare payments in an effort to curb prescription drug prices, including with private insurers.

In his first major action on health care costs this term, President Donald Trump issued a multi-part executive order on Tuesday aimed at lowering drug prices and reducing costs for Medicare. The move comes as his administration seeks to impose tariffs on pharmaceutical imports that many experts have said could lead to drug shortages and price hikes.