The news: Bristol Myers Squibb will launch its schizophrenia drug, Cobenfy, in the UK next year at the same price as in the US. The move aligns with President Donald Trump's policy to make US drug prices comparable to those in other developed countries.

For context, Cobenfy was approved by the FDA last September and is the first new antipsychotic for schizophrenia in decades. Bristol Myers plans to apply for UK approval later this year.

How we got here: President Trump issued an order and sent letters to 17 pharmaceutical companies demanding that they lower prescription drug prices in the US to be on par with other countries. Trump threatened to use "every tool in our arsenal" to force them to comply.”

As Trump’s Sept. 29 deadline draws near, some drugmaker’s pricing plans are surfacing.

• In August, Eli Lilly increased the price of its GLP-1 diabetes and weight loss drug Mounjaro in the UK by as much as 170%, from $165 to $447 per month at its highest dose.
• Earlier this week, Novartis CEO Vas Narashiham said it’s working on price cut proposals for Trump, including eliminating pricing gaps between the US and other countries, per Bloomberg.