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.
This post was published at Zero Hedge on Jan 31, 2017.