In a meeting with pharmaceutical executives, President Trump outlined the issues he planned to tackle to achieve lower drug prices for American consumers.
President Trump met with pharmaceutical executives Tuesday morning in an effort to hammer out a plan to reduce drug prices. Focusing on “unfair” foreign practices, unnecessary regulations, and insufficient support of innovation in pharmaceuticals, Trump laid out what he saw as the main issues facing the industry in America today.
“Foreign price controls reduce the resources of American drug companies to finance drug and R&D innovation. … It’s very unfair to this country,” Trump told the group of CEOs.
Trump also pledged to slash a “tremendous” amount of regulations, decrying the current state of regulatory affairs. “You can’t get approval for the plant, and then you can’t get approval to make the drugs,” he said.
Trump also cited statistics that the average drug costs $2.5 billion and takes 15 years of development, calling those facts “crazy.”
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