(Bloomberg) — Two top pharmaceutical CEOs say they expect President Donald Trump, a frequent critic of industry pricing practices, to take steps soon to address high U.S. drug costs.
Novartis AG Chief Executive Officer Joe Jimenez and Allergan PLC CEO Brent Saunders say that they anticipate proposals from the Trump administration anywhere within the next few weeks to the next few months. U.S. Health and Human Services Secretary Tom Price has been meeting with pharmacists, care providers and pharmacy-benefit managers in recent weeks to discuss ideas for making drugs more affordable.
“The White House is continuing to be thought-provoking and thoughtful around these issues, looking for ways to increase competition but also encourage investment in R&D,” Saunders said in an interview on Tuesday. He anticipates “some sort of executive action” linked to controlling the cost of medicine.
Trump has repeatedly excoriated pharmaceutical companies for high drug costs, saying that drugmakers were “getting away with murder” and threatening to force the industry to bid for government business. Drug prices are typically higher in the U.S. than in other developed countries. Some U.S. politicians have pushed for greater efforts to tame costs, including the importation of medicines from overseas.
No Action So Far