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- 01/31/2017

Trump: Drug prices have been astronomical

Pharma Horizon

President Trump has met with leading drugmakers at the White House to underline three main aims he wants to fulfill:

-lower drug prices

-ease regulations

-bring drug companies back into the United States.

The President began telling them to produce their medications in the United States and to cut “astronomical” drug prices: “You folks have done a very great job over the years but we have to get the prices down.”

He carried on saying he will use the purchasing power of the U.S. government and that the Govemerment could negotiate prices directly with the industry on behalf of Medicare and Medicaid.

We have to get lower prices, we have to get even better innovation, and I want you to move your companies back to the United States. I want you to manufacture in the United States.” said the President.

On the other hand he reassured them telling that he wants to make it easier for pharmaceutical companies to get approval from FDA: “You’re going to get your prices either approved, or not approved. But it’s going to be a quick process. It’s not going to take 15 years.”

Trump promises to change a lot of rules and among other statements he also said he will “oppose anything that makes it harder for smaller, younger drug companies to take the risk” of bringing a drug to market.

President Trump has also said that he will announce who is  going to lead FDA soon and promised to cut taxes on business and lure companies back to the U.S. Investors responded positively to this comments.

At the meeting have been invitated  Stephen Ubl, chief executive of industry group PhRMA, and chief executives from Merck & Co. Eli Lilly & Co.  Amgen Inc., Johnson & Johnson  and Novartis.



Read further on: Bloomberg, Washington Post, Time


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