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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



Trump Calls for Lower Drug Prices

President Trump’s message to pharmaceutical executives sounded quite the same as it was for automakers. The president met with companies like Merck & Co., Johnson & Johnson and others in the oval office. He warned them that if they didn’t keep their business in the United States regulations for them would rise.

Not only was Trump adamant about keeping business in the United States, as he has been with many businesses, he stressed the importance of pharmaceutical companies lowering their prices. In the meeting, Trump acknowledged how high the drug prices have been in the United States. Along with lowering the price of pharmaceuticals, Trump supported the idea of furthering cures as well as speeding up US Food and Drug Administration approvals.

Just weeks ago Trump promised automakers that there would be a tax on any foreign-made vehicles. Many automakers, like Ford for instance, reported that instead of going ahead with plans to build plants in Mexico they would instead shift their jobs here to the United States. Even Fiat Chrysler invested a great deal of money into jobs here in Michigan.

A similar policy will be adopted for the pharmaceutical companies. Trump said, “foreign countries pay their fair share for US manufactured drugs so our drug companies have greater financial resources to accelerate development of new cures.”

The CEO of Amgen, Robert Bradway, agrees with the president’s desire to get rid of diseases. He also announced that his company was adding 1600 more jobs.

After the meeting, Rep. Elijah Cummings and Bernie Sanders who was also an advocate for lower drug prices in the United States said they hoped that the president will follow through with his plan to lower prices. According to sources, part of the plan calls for the negotiation of Medicare and drug makers for lower prices.

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