Posted by Michael Wonder on 30 Oct 2018
Pharma's support of Trump's drug pricing plan is fraying heading into midterms
30 October 2018 - Allergan CEO Brent Saunders called the plan a "dangerous proposition" in a recent interview.
Last quarter, Pfizer Chief Ian Read was upbeat on the Trump administration's plan to lower drug prices, even after a Trump tweet that led to his company deferring planned price increases.
Now, after a set of proposals counter to the industry's interests leading into the midterm elections, Read's support sounds as if it may be waning. One tenet in particular — a plan announced last week to tie prices of certain drugs paid for by Medicare to an international average — has Read and other pharma leaders speaking out.
"I don't believe that the proposed rule in reference pricing to price-controlled markets as a way of setting prices in the U.S. is good for innovation, patients or our industrial base," Read told CNBC in a telephone interview Tuesday.
