If I am reading this correctly, the order instructs Medicare to not pay more than buyers in foreign countries. It does not order the drug companies to do anything. Medicare is the largest and most reliable buyer of drugs in the world and in a free market should get the best price. Free enterprise at it’s best.
It was always absurd that Medicare wasn’t allowed to directly negotiate on price with drug companies, given that they’re the biggest purchaser of drugs in the USA. Instead, the power to ‘negotiate’ was given to middlemen for Medicare who in practice enriched themselves and the drug companies at the expense of taxpayers, which is exactly why Medicare was forbidden to negotiate on price in the first place.
The examples of Walmart pricing that some posters mentioned prove the point - Walmart offers low pricing on a long list of drugs because they drive a hard bargain with their suppliers in order to do offer those prices to consumers. If Walmart can negotiate on price, so should Medicare and without enriching a pointless middleman in the form of a pharmacy benefit manager.