The US president Donald Trump met with the executives from the pharmaceutical industries and discussed on possibilities for growth in the sector. Similar to the meeting with the automobile executives, Trump has promised the pharmaceutical companies that the regulations will be lowered if the companies can bring the production to the USA. Currently, Americans have to deal with increased drug prices and several US drugs are not approved by the FDA yet. The increased cost of drugs also increase the insurance costs and several Americans are unable to get the right treatment at the right time due to lack of finances.
Executives from pharmaceutical giants such as Merck & co, Johnson & Johnson and others were met by the president at the Oval Office. The president appreciated the pharma companies for delivering a terrific job so far. He wanted the companies to bring down the cost of drugs. Trump urged the companies to bring back production to the United States. When drugs are locally produced, the cost can be reduced. To facilitate this, Trump has promised to reduce the number of regulations. The president has shared the concerns of the pharma companies and agreed with the difficulty of opening for new plants. The pharmaceutical companies have to wait for a long time to open a new plant and they have to wait even longer to start making new drugs.
The meeting was attended by Donald Trump, Vice President Mike Pence and pharmaceutical executives from eight companies. The president has said that the drug prices must be lowered to reduce the cost of Medicare and Medicaid. He said that the White House will take efforts to hasten the approval process for the drugs that actually work. Only a portion of the meeting was released to the press and it was mentioned that the drug prices are huge in the present scenario. Senator Bernie Sanders also said during his election campaign that drug prices must be lowered to improve affordability of healthcare services.
President Trump has said that it is disturbing to see terminally ill patients wait longer to get the drugs waiting for FDA approval. The president has hinted that a new trade policy will be enforced to make the foreign countries pay a god share of the drugs manufactured in the US so that the drug companies can have sufficient financial resources that can be used to develop new cures. He emphasized that China and Japan play the money market causing prices to increase in the USA.
During the meeting, the president has also disclosed his plans to bring someone fantastic to the FDA. The CEO of Amgen said that his company focuses on curing and eradicating diseases. He added that his company brings 1600 new jobs to the market. The CEO of Eli Lilly welcomed the promised tax deregulations that would help the companies to grow quickly. The pharmaceutical executives hope that there is a huge opportunity for growth if Trump keeps up his promises.