Pharmaceutical companies are cautiously optimistic about the potential for more favorable policies under a Trump administration, contrasting with the Biden administration's stricter stance on the industry. Drugmakers hope for initiatives that target Pharmacy Benefit Managers (PBMs), promote drug innovation, and improve patient access to treatments. They particularly seek changes to a provision in Biden's Inflation Reduction Act that allows Medicare to negotiate drug prices.
Pharmaceutical companies appear to be cautiously optimistic that brighter days are ahead under a Trump administration, following years of Joe Biden's hardline stance on the industry.
Trump isn't exactly a friendly face to the U.S. pharmaceutical industry, as he targeted companies and high drug costs during his first term through proposals like linking government payments for medicines to lower prices paid abroad. Still, executives stressed they are ready to work with Trump, who some described as being willing to hear out their grievances.
He also pointed to a previous Trump proposal that the president could revisit: To eliminate the so-called safe harbor for rebates – a rule that sought to stop PBMs from keeping rebates and instead ensure that any discounts from drugmakers would directly reach patients. Ubl pointed to three key reforms the industry wants to see, the first of which is "breaking the link" between a drug's list price and how PBMs are compensated.
Health policy experts previously told CNBC that it also seems unlikely that a Trump administration would want to scrap efforts to lower drug prices, a bipartisan issue that is top of mind for Americans. "I think that's a terrible outcome because that's the most efficient, cheapest thing going in health care," he said.
If Kennedy contributes to even lower U.S. vaccination rates for certain diseases, "we will start having epidemics and that will be detrimental for him and for the administration," Bourla said, adding that he has "made that very clear" to them.
PHARMACEUTICAL COMPANIES TRUMP ADMINISTRATION DRUG PRICES PBMS DRUG INNOVATION
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