Pfizer CEO Albert Bourla confirmed that his company together with other drugmakers has met with the Trump administration about lowering U.S. drug prices yet no specific agreements have been reached.
The executive order signed by Trump during the previous month requires drug prices to match or be lower than what other wealthy nations pay which would lead to substantial cost reductions for American consumers. The Goldman Sachs Global Healthcare Conference heard from Bourla that the discussions with the administration remained friendly but failed to produce specific details.
Bourla stated that the administration initiated multiple meetings with companies yet they avoided discussing essential matters. The executive order contains a 30-day deadline but Bourla remains uncertain about what will develop from this period.
PhRMA under Bourla’s leadership has maintained its position of not knowing about any member discussions with the administration. The Department of Health and Human Services has stated that drugmakers must reduce their prices according to the “most favored nation” targets yet the companies have not established any official price targets.
The pharmaceutical industry faces increasing public demands for drug price reductions because Americans struggle with rising prescription medication expenses.
