President Trump signed an executive order on Sunday to reduce the cost of prescription drugs for U.S. seniors by more closely aligning prices with what pharmaceutical companies charge in other countries. The order, part of Mr. Trump’s broader focus on prescription drugs ahead of the November election, is unlikely to have an immediate effect because it requires federal rulemakings that could take months to complete. But if Mr. Trump wins a second term and goes ahead with the rules with wide applications, the move could be significant, since most developed nations have far lower drug prices than the U.S. does.

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