Trump increases pressure on pharmaceutical industry - Asks companies to lower drug prices in the US
The White House announced that President Donald Trump sent letters to the executives of 17 major pharmaceutical companies, asking them to lower the prices of prescription drugs in the US.
Trump signed a sweeping executive order in May specifying that drugmakers must lower prices in the U.S. to match those abroad. If companies fail to comply with the order, the government can use regulation to cut costs or pursue other measures, such as importing cheaper drugs from other countries.
The US president sent letters to the CEOs of Eli Lilly, Regeneron, Johnson & Johnson and AstraZeneca, among others, the White House announced. "Most of the proposals the Administration has received to 'resolve' this critical issue have been about shifting blame and seeking policy changes that would result in billions of dollars in aid to the industry," Trump wrote in the letters to the firms.
He called on drugmakers to offer favorable prices to every patient enrolled in the government's Medicaid health program for low-income people, and to guarantee such prices for new drugs. The policy aims to lower costs to the lowest possible level paid by members of the Organization for Economic Co-operation and Development, which includes most of the world's largest economies.
Trump also said that companies must return excess revenue earned overseas, lowering prices in the United States for American patients and taxpayers through a deal with the government. He asked the firms to stipulate that they will not offer other developed countries better prices than they offer the United States. The American leader also added that his administration will offer ways to eliminate middlemen and sell products directly to patients. According to the document, the companies have until September 29 to respond with commitments to these conditions.
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