(CitizensOutpost) President Trump met with top pharmaceutical company leaders on Tuesday, urging the lowering of “astronomical” drug prices, the decrease in regulations and for more manufacturing to come to the U.S.
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.
Big pharma has always been against government intervention when it comes to pricing, but is warming up to “market-based reforms.”
Drug companies provide discounts on their drugs to companies that negotiate on behalf of insurers, and there is a growing discussion about the extent to which those rebates, granted in secret, trickle down to consumers.
Trump has been keen on bringing more jobs to the U.S. and his meetings with pharmaceutical leaders have re-emphasized the need to bring down the corporate tax which would stimulate back the quarter of the industry that relies on imported drugs from Ireland, Germany, Switzerland, Israel and India. Trumps plans for tax reform should inspire this growth.
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