President Trump called for drug companies to get prices down, accelerating the FDA approval process, getting drugs to terminal patients, reducing the price of research and development, getting rid of some regulations and countries taking advantage of the money supply through currency de-valuation.
President Trump makes a statement prior to a meeting with executives from pharmaceutical companies:
TRUMP: I think you know most of my team and you folks have done a terrific job over the years, but we have to get prices down for a lot of reasons. We have no choice. Medicare, Medicaid we have to get the prices way down so that's what we're going to talk about.
We need to streamline the process, so that, from your standpoint, when you have a drug, you can actually get it approved if it works, instead of waiting for many, many years.
The U.S. drug companies have produced extraordinary results for our country but the pricing has been astronomical for our country. We need to do better. New drugs have led to longer, healthier lives, we all know that but we have to do better accelerating cures, we've been focused on accelerating FDA. We'll get the approval process much faster.
One thing that has always disturbed me, they come up with a new drug for a patient who is terminal and the FDA says, 'we can't have this drug used on the patient.'
But they say that the patient within four weeks will be dead. They say, 'Well, we still can't approve the drug. And we don't know if the drug works or if it doesn't work, but we can't approve the drug because we don't want to hurt the patient.' But the patient is not gonna live more than four weeks!
So we'll be changing a lot of the rules -- a lot.
We're going to be ending global free loading. Foreign price controls reduce the resources of American drug companies to finance drug and R&D innovation. I think you people know that very well. Very unfair to this country.
Our trade policy will prioritize that foreign countries pay their fair share for U.S.-manufactured drugs so our drug companies have greater financial resources to accelerate the development of new cures. And I think it's so important. But right now, it's very unfair what other countries are doing to us.
One thing I really want you to do a lot of -- I've seen this over the years, but a lot of the companies have moved out. They don't make the drugs in our country anymore. A lot of that has to do with regulation. A lot of it has to do with the fact that other countries take advantage of us with their money and their money supply and devaluation because we don't know anything -- our country has been run so badly, we know nothing about devaluation. Every other country lives on devaluation.