A new executive order signed Tuesday by President Trump directs Congress to change a key provision of the law allowing Medicare drug price negotiations, a move that would fix one of the drug industry’s biggest complaints.

The order applies to what the industry calls the Inflation Reduction Act’s “pill penalty,” where small molecule drugs — typically pills — face Medicare drug price negotiations sooner than more complex biologic drugs.

Small molecule drugs are eligible for selection to the drug price negotiation program seven years after Food and Drug Administration (FDA) approval. After a two-year negotiation period, the new price takes effect in year nine.

Biologics are eligible for selection 11 years after FDA approval, followed by a two-year negotiation period, with the........

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