Korean pharmaceutical firm Huons said Wednesday it expects minimal impact from a recent executive order signed by U.S. President Donald Trump aimed at lowering prescription drug prices, citing the nature of its core business—exports of local anesthetics.

On Monday, local time, U.S. President Trump signed an executive order directing U.S. officials to engage with pharmaceutical companies to ensure Americans receive "most-favored-nation" pricing. According to the White House, this policy initiative is a response to data showing that Americans pay more than three times the prescription drug prices paid in other economically advanced countries, such as those in the OECD.

Under the executive order, the Secretary of Health and Human Services (HHS) is tasked with setting new target prices for prescription drugs within 30 days. It also warns that government subsidies could be curtailed if drug prices are not significantly reduced.

Huons emphasized that its primary U.S. export, lidocaine hydrochloride injection, is not expected to be affected by the new pricing measures. The anesthetic is listed as an essential medicine by the World Health Organization (WHO) and is also on the FDA's  drug shortages list, the company said.

To date, the company has received seven FDA approvals for injectable products, including sodium chloride and lidocaine injections. Most recently, on May 5, Huons obtained FDA clearance for 1 percent and 2 percent multiple-dose vials of lidocaine hydrochloride.

"Although the specifics regarding pharmacy benefit managers (PBMs) and targeted pharmaceutical drugs have not been disclosed, we expect the executive order will focus on high-priced medications," a Huons official said. "We anticipate limited impact on our core product, lidocaine injection."