US President-elect Donald Trump has promised to take steps to reduce drug costs, Bloomberg reported Wednesday.
Trump's comments come as several drugmakers, including EpiPen manufacturer Mylan and Valeant Pharmaceuticals, have been scrutinised for pricing practices, while executives at Pfizer and Regeneron Pharmaceuticals recently argued over issues plaguing the drug industry.
"Government mandates and interventions are not the solution for patients," remarked PhRMA spokeswoman Holly Campbell, adding "we look forward to working with the administration next year on solutions that will enhance the competitive private market and ensure we continue to deliver innovative treatments and cures to patients."
"If our industry can self-regulate on pricing, we can all focus on investing in innovative medicines and cures and move the pricing discussion to the back burner," suggested Allergan chief executive Brent Saunders, continuing "I think everyone, especially the patient, is better off if that happens."
Quintiles IMS estimates that the US will spend $461.7 billion on drugs this year, with the figure growing by 6 percent to 9 percent annually to 2021.
"I'd be worried if policies implemented under the new administration lose sight of this fact in an attempt to restructure the US health system," remarked Novo Nordisk's Lars Rebien Sorensen, adding "then you could kill the goose that laid the golden eggs in the process, without really knowing it until it's dead."
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