Bill Gates: US drug pricing is 'better than most other systems'

Microsoft co-founder Bill Gates is well-versed in the world of tech. But he also has a strong opinion on what some see as the ever-rising prices of pharmaceutical drugs, according to Bloomberg.

"The current system is better than most other systems one can imagine. The drug companies are turning out miracles, and we need their R&D budgets to stay strong. They need to see the opportunity," he said in an interview on Bloomberg Television, according to the report.

Drugmakers implementing sudden large price increases — practices seen at Turing Pharmaceuticals and Valeant Pharmaceuticals — have been circulating the news lately. But Mr. Gates called these "extreme cases that I think have been properly labeled as inappropriate."

Outside the U.S., Mr. Gates sees philanthropic awareness as key to getting drugs to people in developing nations. In fact, through grants, the Bill & Melinda Gates Foundation has played a crucial role in doing so.

"Philanthropy and governments have to come in and say, 'Malaria is a priority, despite the fact that people aren't going to make much money,'" Mr. Gates said, according to the report. "We go to the pharma companies and we say, 'Hey, we'll fund some of this.' They donate some of it. We've gotten their attention, and that's why we have actually a very strong malaria drug pipeline."

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