Big Pharma pushes back on Trump's drug pricing plan, Pfizer says it could cost US jobs

Industry seems to take special issue with Trump administration's 'favored nations' policy

The pharmaceutical industry is pushing back after President Trump signed four executive orders designed to slash drug prices last week, and Pfizer CEO Alfred Bourla said during an earnings call Tuesday that Trump's policies could cause the company to rethink U.S. expansion.

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The industry seems to take special issue with the Trump administration's “favored nations” policy that would require Medicare to purchase drugs at the same prices paid by foreign countries.

PhRMA, a pharmaceutical industry trade group, accused Trump of "disrupting" the fight against coronavirus.

A logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange in New York, July 29, 2019. (REUTERS/Brendan McDermid)

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"Right now our industry’s sole focus is figuring out a way to beat COVID-19," a PhRMA spokesperson said in a statement. "However, we remain steadfastly opposed to policies that would allow foreign governments to set prices for medicines in the United States."

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PhRMA is "willing to speak with the administration and discuss ways to lower costs for patients at the pharmacy counter" but had to learn through media reports that a White House meeting with industry CEOs had been canceled, the spokesperson said. On Friday, Trump had discussed having such a meeting on Tuesday.

The White House has been "more than accommodating to try to schedule this meeting" but nothing is on the schedule, a White House official said.

Trump railed against "Big Pharma" on Tuesday morning.

"Big Pharma is taking television ads trying to make the case that I am raising prescription drug prices on seniors," Trump wrote on Twitter. "The ad is a lie! What I have done will lead to a 50% REDUCTION in prices, at least, [and] Big Pharma is not happy about it."

FOX Business' Blake Burman contributed to this report.

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