President Donald Trump met with leaders in the pharmaceutical industry Tuesday to push for lower prices and increased U.S. production. He also vowed to speed up approval times for new medicines and appoint a new Food and Drug Administration leader soon.
Trump told those in the meeting that price increases in the industry were “astronomical.”
Fox News reported that the CEOs of Novartis, Merck, Johnson & Johnson, Celgene, Eli Lilly and Amgen and the head of the Pharmaceutical Research and Manufacturers of America lobbying group attended the meeting.
“We have to get prices down for a lot of reasons. We have no choice, for Medicare and Medicaid,” Trump said, noting that federal programs for the elderly, the poor and the disabled are the largest purchasers of medications.
Trump promised to lower regulations, get new treatments to market faster at the FDA and increase international competition.
Robert Hugin of Celgene said the companies were excited to work with Trump, The Washington Post reported.
“The changes he is proposing are ones that I think are going to be great for the country and consumers,” he said.
Watch Trump speak at the meeting below:
Many would argue that the pharmaceuticals industry is interested only in profits, without regard for the consumer. Often the drugs that make it to market are not the ones that are best for the public but those that bring bigger profits to the pharmaceutical business. In short, healthy people do not increase profits.
On the other hand, the FDA has enormous control over which drugs and procedures become available to consumers, and compliance with governmental regulations drives up research costs for the pharmaceuticals industry, costs that ultimately are passed on to the consumer.
Something needs to be done. Cutting regulations, lowering prices and allowing people to determine both what they will pay for a drug and what risks they’re willing to take on less reliable drugs is a step in the right direction.
Drugs should be priced according to what the market will bear, and people should have the freedom to decide what is best for them.
The changes Trump is suggesting would be good for consumers, which is how things should be.
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H/T BizPac Review