Trump Slams Astronomical Drug Prices, Tells CEOs To Get Prices Down
by Tyler Durden.
In his latest close encounter with top US CEOs, President Donald Trump told drugmakers
at a White House meeting Tuesday they were charging �astronomical� prices and promised
to get better bargains for government health programs, something even Bernie Sanders would
agree with.
He also said he would focus on finding ways to get new medicines to market faster.
�The pricing has been astronomical,� Trump said to CEOs of some of the world�s biggest
drugmakers, who came to Washington after Trump�s criticism of the industry earlier this month
sent drug and biotechnology stocks plunging.
�You folks have done a very great job over the years but we have to get the prices down.�
At the meeting was Pharmaceutical Research and Manufacturers of America CEO Stephen Ubl,
Merck & Co. CEO Ken Frazier, Eli Lilly & Co. CEO Dave Ricks, Celgene Corp.
CEO Bob Hugin and others.
They embraced Trump�s calls for lower taxes and fewer regulations.
The gathering with drug CEOs came after Trump�s said on Jan. 12 that the industry was �getting
away with murder� and promised to act on drug prices.
Since then, drugmakers have turned up their lobbying efforts with Congress as a potentially
friendlier force that might counter Trump.
�Some of the policies you�ve come out and suggested i think can help us do more
-- tax, regulations,� said Lilly�s Ricks.
Also at Tuesday�s White House meeting were Novartis AG CEO Joe Jimenez and Johnson & Johnson
Worldwide Chairman of Pharmaceuticals Joaquin Duato.
A full clip of his meeting below:
Trump has threatened to have the government negotiate prices directly with the industry
on behalf of Medicare and Medicaid, which are some of the world�s biggest purchasers
of health-care products and services and cover tens of millions of Americans.
�Competition is key to lowering drug prices,� the president said.
At the same time, Trump promised to slash regulations, get new treatments to market
faster at the Food and Drug Administration, and increase international competition.
�We�re going to streamline FDA; we have a fantastic person� that will be announced
to lead the agency soon, Trump said.
He also promised to cut taxes on business and lure companies back to the U.S.
As Bloomberg notes, the drug industry is one of Washington�s most powerful, and each
year spends hundreds of millions of dollars on lobbying, in addition to being one of the
biggest donors to political campaigns, according to the Center for Responsive Politics.
PhRMA, also launched an image makeover Jan. 23 that will feature advertising and public
affairs events that focus on the value of its products.
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