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President meets heads of drug companies
The CEOs of Novartis, Merck, Johnson & Johnson, Lilly, Celgene, and Amgen attended the meeting.
President Donald Trump meet with Pharma industry representatives
Trump, who has previously said that pharmaceutical companies are "getting away with murder," seemed to temper his statements, according to media reports from the White House.
The CEOs of Novartis, Merck, Johnson & Johnson, Lilly, Celgene, and Amgen attended the meeting along with the head of the industry's lobbying group, PhRMA.Here's what went down:
- The president reiterated his interest in bringing drug prices down in the US, especially for Medicare and Medicaid.
- Trump said medical products need to be made in the US, and Trump called on the drugmakers to increase their US production.
- Trump also said he wants foreign countries to pay
- He also made comments about the FDA, saying he intends to streamline the drug approval process and that he intends to announce his nomination for commissioner soon.
- For their part, the drug company executives asked for tax reform.
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On Twitter, PhRMA president Steve Ubl said that the meeting was "positive" and "productive," especially when it came to growing the industry.
The Nasdaq biotechnology index, which has fallen for most of January, was down about 0.7% as of 9:52 a.m. in New York. By 10:20, the index was up about 1%.
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