Trump rescinded Executive Order 14087, "Lowering Prescription Drug Costs for Americans," which directed Medicare and Medicaid agencies to research and implement models for lowering the costs of prescription drugs. Separate provisions in the Inflation Reduction Act of 2022 also aimed at lower prescription drug costs are still in effect.

Concern is growing among Democrats after President Donald Trump reversed some of the former president's executive orders, including efforts to reduce prescription drug costs for Medicare and Medicaid beneficiaries.

Trump’s executive order halts an effort to cap the copayment for generic medications at $2 for Medicare beneficiaries.