Trump rescinded Executive Order 14087, "Lowering Prescription Drug Costs for Americans," which directed Medicare and Medicaid agencies to research and implement models for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.

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

Trump's order, signed shortly after his inauguration on Monday, targets policies his administration calls "deeply unpopular" and "radical," NBC News reported. One of those now-cancelled policies directed Medicare to investigate ways to slash drug costs, including the possibility of a $2 monthly out-of-pocket cap on some generic medications.