TRUMP: 'I'm going to bring down drug prices'

Drug companies expecting less pressure on price increases under a Donald Trump administration might need to rethink their strategy.

In an interview with Time magazine the president elect offered his thoughts on the drug prices.

"I'm going to bring down drug prices. I don't like what's happened with drug prices."

Until now, Trump had not been this explicit about his stance on the issue, even as politicians including Bernie Sanders and Hillary Clinton repeatedly attacked drug companies over the rate of price hikes.

But it's not totally unexpected either. Just last week the CEO of Allergan, a major drugmaker that has pledged to cap the rate of price increases, warned that drug pricing is a populist issue and populism was central to Trump's campaign.

See Donald Trump's official picks for cabinet and administration positions:

Trump's official picks for Cabinet and administration positions
See Gallery
Trump's official picks for Cabinet and administration positions

Counselor to the President: Kellyanne Conway

REUTERS/Joshua Roberts

Veterans Affairs Secretary: David Shulkin

(Photo credit DOMINICK REUTER/AFP/Getty Images)

Transportation secretary: Elaine Chao

(Photo By Bill Clark/CQ Roll Call)

Energy secretary: Rick Perry

(Photo credit KENA BETANCUR/AFP/Getty Images)

Secretary of State: Rex Tillerson

 REUTERS/Daniel Kramer

Secretary of Defense: Retired Marine General James Mattis

(Photo by Samuel Corum/Anadolu Agency/Getty Images)

Chief of staff: Reince Priebus

(JIM WATSON/AFP/Getty Images)

Chief strategist: Steve Bannon


Attorney General: Senator Jeff Sessions

(Photo By Bill Clark/CQ Roll Call)

Director of the CIA: Kansas Rep. Mike Pompeo

(Photo By Bill Clark/CQ Roll Call)

Deputy national security adviser: K.T. McFarland

(Photo by Michael Schwartz/Getty Images)

White House counsel: Donald McGahn

(Photo by Drew Angerer/Getty Images)

Ambassador to the United Nations: South Carolina Gov. Nikki Haley

(Photo by Astrid Riecken For The Washington Post via Getty Images)

Education secretary: Betsy DeVos

(Photo By Tom Williams/CQ Roll Call)

Commerce secretary: Wilbur Ross

(Photo by Andrew Harrer/Bloomberg via Getty Images)

Homeland security secretary: General John Kelly

(Photo by Drew Angerer/Getty Images)

Housing and urban development secretary: Ben Carson

(Photo credit NICHOLAS KAMM/AFP/Getty Images)

Administrator of Environmental Protection Agency: Oklahoma Attorney General Scott Pruitt

(Photo by Spencer Platt/Getty Images)

Health and human services secretary: Tom Price

(Photo by Alex Wong/Getty Images)

Department of Homeland Security: Retired General John Kelly

(REUTERS/Joshua Roberts)

Secretary of agriculture: Sonny Perdue

(BRYAN R. SMITH/AFP/Getty Images)

"I worry today that pharma has a false sense of relief or security," Brent Saunders said at the Forbes Healthcare Summit on December 1. It wouldn't be completely surprising, he said, to see Trump tweeting opposition to the next EpiPen-like price increase.

Drug stocks were among the biggest gainers in the wake of Trump's election last month, with biotechnology stocks rallying 13.3%. Investors had been skittish about what a Clinton presidency would mean for regulation of drug development and pricing, and she often sent drugmakers' stocks falling with her comments on Twitter.

Prior to his comments in Time, Trump had mentioned placing an emphasis on advancing research and development and reforming the Food and Drug Administration to get more new drugs approved, at a faster pace.

NOW WATCH: Watch the trailer for the new Martin Scorsese film that took over 20 years to make

See Also:
Pharma CEOs got into a heated debate over why people hate the industry
The EpiPen-maker's CEO knows who's responsible for soaring drug costs — and it's not her
Allergan CEO: 'I worry today that pharma has a false sense of relief or security' with Trump presidency

SEE ALSO: What we know so far about what a Trump presidency means for the drug industry

DON'T MISS: Allergan CEO: 'I worry today that pharma has a false sense of relief or security' with Trump presidency

Read Full Story
  • DJI26352.07-307.04-1.15%
  • NIKKEI 22522977.13-354.81-1.52%
    Hang Seng24107.42-479.18-1.95%
  • USD (PER EUR)1.17-0.0024-0.21%
    USD (PER CHF)1.09-0.0008-0.08%
    JPY (PER USD)104.56-0.0530-0.05%
    GBP (PER USD)1.300.00290.23%

From Our Partners