Trump Slams “Astronomical” Drug Prices, Tells CEOs To “Get Prices Down”

Trump Slams “Astronomical” Drug Prices, Tells CEOs To “Get Prices Down”

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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.

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Rory Hall, The Daily Coin and Gospel News Network. Beginning in 1987 Rory has written over 1,400 articles and produced more than 500 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Gold Seek, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Dr. Warren Coates and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Gospel News Network to enjoy some of the best economic, precious metals, geopolitical and preparedness news from around the world.