Pharma Lobby Disputes Trump’s Claim That Drug Companies Are Negotiating - (Bloomberg via NewsPoints Desk)

  • PhRMA said it was not aware of any meeting at the White House to discuss lowering prescription drug prices, after President Donald Trump said executives were convening this week to negotiate, reported Bloomberg.

  • Trump claimed drug companies were coming in to see him "this week" to hammer out a deal to "substantially" cut drug prices, but "we are not aware of any meeting," PhRMA spokeswoman Nicole Longo said. White House officials later declined to comment as to when the meeting is scheduled and who would participate.

  • "I've put out a 'favored nations' clause, I've signed it," Trump said, and "that means…we match whoever gets the [lowest price] and the drug companies are having a real problem with that and they are coming in to see me, and we expect to get a very substantial price reduction of prescription drugs."

  • Trump signed the order in late July, saying he would give drug companies a month to negotiate a less severe deal before it took effect and that he planned to meet with executives the following week.

  • According to the news source, the order has not been published and no meeting has happened, while the industry is instead running an advertising campaign criticizing Trump's proposal.

  • Meanwhile, drugmakers provided the White House with a counterproposal to avert the "favored nations" executive order last week, according to a report. The plan reportedly would cut prices for physician-administered drugs paid for by Medicare Part B by 10%.

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