Despite Calling Drug Prices ‘Astronomical,’ Trump Takes Mostly Conciliatory Tone In Pharma Meeting
The president met with the heads of some of the country's biggest drugmakers on Tuesday. He said that they need to lower drug costs, but that he also plans to roll back regulations and help streamline the approval process to make things easier for the industry.
The Washington Post:
Trump Calls For Lower Drug Prices, Fewer Regulations In Meeting With Pharmaceutical Executives
President Trump met with leaders of some of the world’s biggest pharmaceutical companies Tuesday and emphasized the need to lower “astronomical” drug prices, decrease regulations and bring more drug manufacturing into the United States. Trump offered no specific policies, but mentioned increasing competition and “bidding wars” as a way to bring down prices. In the past, he has lashed out at the pharmaceutical industry for “getting away with murder” and threatened to use the government’s bargaining power to force down drug prices for programs like Medicare. (Johnson, 1/31)
The New York Times:
Trump Vows To Ease Rules For Drug Makers, But Again Zeros In On Prices
President Trump promised some of the nation’s top drug company executives in a meeting at the White House on Tuesday that he would slash regulations at the Food and Drug Administration and make it easier for them to manufacture products in the United States. (Thomas, 1/31)
The Wall Street Journal:
Trump Tells Pharmaceutical CEOs He Wants Prices Down
President Donald Trump on Tuesday told pharmaceutical executives that he wanted them to bring drug prices “way down,” but he promised he would curb regulations and lower tax rates to boost their competitiveness. At a White House meeting, Mr. Trump said Medicare and Medicaid are spending too much money on drugs, and he said in many cases these programs don’t have enough bargaining power when they are purchasing drugs. “We have to get the prices way down,” Mr. Trump told the executives. (Paletta, Burton and Rockoff, 1/31)
Politico:
Trump Tells Drugmakers He'll Tackle Prices
Trump appeared to reiterate his support for drug negotiations. He contended that drugmakers need to face increased competition and bidding. Yet he appeared to suggest that Medicare, which is banned from negotiating with drugmakers, is hurting competition. "I'll oppose anything that makes it harder for smaller, younger companies to take the risk of bringing a product to a vibrantly competitive market," he said. "That includes price-fixing by the biggest dog in the market, Medicare, which is what's happening. But we can increase competition and bidding wars big time — we have to — into that program." Trump also said he plans to work on global trade and tax policy that could benefit U.S. drugmakers. (Karlin-Smith and McCaskill, 1/31)
Reuters:
Trump Pushes Drugmakers For Lower Prices, More U.S. Production
The meeting between Trump and the pharmaceutical executives signaled a defusing of tensions that have kept drug stock prices in check since the presidential election. Shares of most of the group rallied on Tuesday following the meeting, even as the broader stock market slid. (Rampton and Beasley, 1/31)
Stat:
Trump, Meeting With Pharma Execs, Calls Prices 'Astronomical'
As they introduced themselves at the meeting, the company executives made note of the manufacturing they do in the United States and the jobs they plan to add in the coming months. Steve Ubl, president and CEO of the industry’s main lobbying group, said drug makers looked forward to discussing “reducing regulations and lowering tax rates” with Trump, in order to foster innovation. Trump, in his opening remarks, also touched on two other issues: pushing companies to do more manufacturing in the United States and particularly focusing on getting drugs more quickly to patients with terminal illnesses. (Scott and Garde, 1/31)
The Hill:
Trump Tells Drug Companies To 'Get Prices Down'
The Pharmaceutical Research and Manufacturers of America (PhRMA), the main lobbying group for the drug industry, described the White House meeting as positive and productive. “Our industry takes seriously the concerns raised about the affordability and accessibility of prescription medicines, and we have expressed our commitment to working with the administration to advance market-based reforms," said Stephen Ubl, PhRMA's president and CEO, in a statement. (Sullivan, 1/31)
CQ Roll Call:
Trump Blasts Drug Costs, Vows To Speed Federal Approvals
Trump also criticized the FDA for allegedly failing to provide experimental drugs to terminally ill patients under a process known as the expanded access, or compassionate use, program. “The FDA says ‘we can’t have this drug used on the patient,’ but they say the patient within four weeks will be dead,” he said. “We’re going to be changing a lot of the rules.” Currently, 36 states have laws that allow very sick patients to obtain access to unapproved treatments. At a Senate hearing last year, an FDA official put the blame on pharmaceutical companies for refusing to provide the drugs once the agency approves an application for use. (Williams, 1/ 31)
Morning Consult:
Trump, Pharma Execs Focus On Common Ground In Meeting
Trump also said the administration would be working to improve trade deals to maximize U.S. companies’ investments in research and development, which PhRMA CEO Steve Ubl has noted as a key issue. (McIntire, 1/31)
Stat:
Trump Has Big Plans To Fix Drug Prices. Here's Your Reality Check
President Trump has ambitious plans to overhaul the drug market, speeding approvals while bringing down prices. It sounds great. But soundbites can be deceiving. So we gave Trump’s rhetoric a reality check. (Scott, Silverman and Garde, 1/31)
Stat:
Who Really Wants To Blow Up The FDA? Not The Drug Industry
President Donald Trump wants to remake the Food and Drug Administration. And he happens to have a “fantastic person” in mind to do it, he said Tuesday — someone who will turn the agency into an industry-friendly shop that cranks out new cures on the double. But does anyone really want a deregulated FDA? STAT canvassed biopharma insiders, physicians, Wall Street analysts, and FDA veterans. Their verdict: Trump’s plan sounds like a solution in search of a problem. (Garde, 2/1)
USA Today:
Bernie Sanders Seeks Trump's Support In Cutting Drug Costs
Within the last 24 hours, Sen. Bernie Sanders has called President Trump’s behavior “delusional,” “dangerous” and “unconstitutional.” But the Vermont independent also says he wants to work with Trump – “if he is serious about standing up to the pharmaceutical industry and reducing drug prices.” Following Trump’s Tuesday meeting with drugmakers, Sanders announced he will soon introduce legislation to lower prescription drug prices and said he hoped Trump would support that effort. (Gaudiano, 1/31)
For more news on high drug costs, check out our weekly feature, Prescription Drug Watch, which includes coverage and perspectives of the issue.