U.S. President Donald Trump met with top executives from some of the biggest drugmakers, calling on them to boost U.S. production and lower prices. Bobbi Rebell reports.
U.S. President Donald Trump met with top pharma executives on Tuesday, and called on them to boost U.S. production and lower prices. He said the government is paying too much for drugs in its health programs for the older, disabled, and poor. In return, Trump promised to speed up approval times for new medicines. Pharma shares rallied following the meeting, even as the broader stock market slid. Tim Anderson of TJM Investments adding it's high time for the industry to come clean about pricing. (SOUNDBITE) TIM ANDERSON, MANAGING DIRECTOR, TJM INVESTMENTS, (ENGLISH) SAYING: "The pharmaceutical stocks, the healthcare stocks, the health insurance stocks have had a great run for the last six to eight years, even much longer than that. I wouldn't doubt that most sectors might go from being a little bit overweighed to a little bit underweighed as people rethink what's the landscape's going to be for the next two to three years." President Trump also said he'll soon appoint a new head of the U.S. Food and Drug Administration.