The U.S. Department of Health and Human Services said on Tuesday it would set drug prices pegged to the lowest level paid by other high-income countries following an executive order from President Donald Trump last week aimed at lowering the prices of branded medicines for U.S. consumers.

HHS wants to implement so-called most-favored-nation pricing under which U.S. prescription drug prices would drop to the lowest possible price paid by countries that are members of the Organisation for Economic Co-operation and Development, which includes most of the world's largest economies.

The targets would aim for prices paid by the OECD nations that have a gross domestic product per capita of at least 60% of U.S. per-capita GDP, the department said.

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