Critical Assessment of Trump Administration’s Renewed Efforts to Introduce IRP in the US via the MFN Executive Order
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In May 2025, US President Donald Trump issued an executive order (EO) stating that pharmaceutical companies should provide Most Favored Nation (MFN) prices to American consumers or face steep penalties. The EO calls for the introduction of International Reference Pricing (IRP) in the US. Based on extensive knowledge of IRP and detailed IRP 360 profiles for 75 markets, in this report GlobalData examines the implications of IRP use by the US for pharmaceutical companies, for payers, and for patient access to medicines in the US itself and in other countries.
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