In signing an executive order aimed at reducing U.S. drug prices, President Donald Trump said some prices would be cut in half or more "almost immediately." But the order is light on details of how the plan would be implemented.

Rep. Ro Khanna announced plans to introduce legislation to codify the president's directive aimed at lowering prescription drug costs in the country.

Countries with universal healthcare systems have stronger bargaining power, which has allowed them to effectively negotiate lower drug prices.