President-elect Donald Trump on Wednesday attacked the pharmaceutical industry for high drug prices and for manufacturing overseas, saying he will create new procedures for bidding on drugs.
The industry is “getting away with murder,” Trump said in his first press conference since he was elected, sending pharma stocks plunging.
“Pharma. Pharma has a lot of lobbies, a lot of lobbyists, a lot of power,” he said, making the industry the latest target of his frequent attacks on business since the November election which have included the auto and aerospace industries.
Trump said pharmaceutical companies will be coming back to the United States from overseas.
“Our drug industry has been disastrous. They’re leaving left and right. They supply our drugs but they don’t make them here, to a large extent,” Trump said.
To address high prices, “the other thing we have to do is create new bidding procedures for the drug industry,” he said.
The United States is “the largest buyer of drugs in the world” but does not bid properly, he said. With the changes to bidding procedures, which he did not specify, “We’re going to save billions of dollars.”
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4 comments:
I really hope Trump is protected, taking on Parma companies will get him shot. They are very shady powerful people. I hope Trump can accomplish good before someone try's something stupid.
Finally something intelligent. It's amazing what he can focus on when he gets off twitter
Needs to get rid of the 10 yr moratorium on generic brands. That will lower the cost drastically. What other product has this type of legislation to eliminate competition? These weak Republicans have never tried to repeal this legislation.
I see some are still hoodwinked by the illusion of choice between repubs and dems. If you look at the end results it would be much clearer to you. You still have masters no matter which one is in power at any given time.
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