Trump’s Plans for Pharma Industry Gain Support of CEOs

Though President Donald Trump’s remarks on controlling drug prices may have initially scared pharmaceutical companies, his newest plans are music to their ears. On Tuesday, Trump met with pharmaceutical industry leaders where he vowed to reduce regulations, expedite US Food and Drug Administration (FDA) approvals and get drugmakers to start manufacturing their products on US soil.

The aftermath of the meeting left many pharmaceutical executives feeling optimistic. The proposals could encourage major growth within the industry, and might even help create new jobs. CEO of the trade organization PhRMA, tweeted: “We believe @POTUS agenda on taxes, trade & regulations could create 350,000 American jobs over 10 years due to biopharma industry growth 2/3.”

According to an article published by FiercePharma, Pfizer CEO Ian Read was unable to attend the meeting with Trump, however he did make a statement about the proposed changes in the company’s Q4 earnings call. “I think we can be a very positive part of the story of creating jobs in the United States if we get the tax reform,” said Read.

In an interview with CNBC, Eli Lilly CEO David Ricks said that he felt the President Trump “clearly understood and was listening to the message of innovation.” He went on to say that Eli Lilly is ready to “work with the White House and Capitol Hill over the coming months to look at some more market-based solutions to help consumers.”

While Trump’s message seems to have changed, some are wary of his ideas on speeding up drug approvals. “Millions of Americans across the country rely on the FDA to ensure that the drugs that they take each day are safe and effective,” said US Representative Rosa DeLauro. “These regulations are in place for a reason.”

While drug pricing seems to have taken a back seat to other issues in the industry, analysts say the debate could flare up again in the coming months. According to Read, there are “lots of ways we can work with the administration to ensure that patients have affordable drugs.”