Trump, pharma CEOs discuss drug costs: 6 takeaways

President Donald Trump on Tuesday met with several pharmaceutical executives to discuss drug pricing and the state of the industry, reports STAT.

Here are six takeaways.

1. The CEOs of Novartis, Merck, Johnson & Johnson, Eli Lilly, Celgene and Amgen attended the meeting, along with the head of the industry's lobbying group, Pharmaceutical Research and Manufacturers of America, reports Business Insider.

2. When introducing themselves, the pharma CEOs told the president about the current manufacturing they perform in the U.S., along with the jobs they plan to add in the future, according to the report.

3. During the meeting, President Trump repeated his vow to lower drug prices, especially for Medicare and Medicaid. He said increased "competition and bidding wars" would help lower costs for CMS, reports STAT.

4. President Trump also promised to oppose any measure that would make it difficult for smaller drug companies to enter the market, according to the report.

5. The president shared plans to accelerate the Food and Drug Administration's approval process andtold the drug executives he would appoint a new FDA commissioner to lead the agency soon.

6. Steve Ubl, president and CEO of PhRMA, said drugmakers look forward to discussing "reducing regulations and lowering tax rates" with President Trump to better foster innovation, reports STAT.

More articles on supply chain:

Senate Dems: Hiring freeze could stall 21st Century Cures Act
How one hospital made simple changes and trimmed supply costs by 2%
Merck releases 7 years worth of data on price hikes

 

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