PhRMA talks regulation removal and reform with Trump

The Pharmaceutical Research and Manufacturers of America (PhRMA) group discussed trade agreements and removing outdated regulations with US President Donald Trump yesterday.

PhRMA, which represents US biopharmaceutical research companies, announced that it had spoken with Trump, Vice President Mike Pence and House of Representatives energy and commerce chairman Greg Walden.

“We talked about how we can work together to improve American competitiveness around the world, create more jobs here at home and enhance the US biopharmaceutical industry that continues to lead the world in the development of life-saving treatments and cures,” said the organisation.

PhRMA and Trump also discussed advancing stronger trade agreements to level the playing field with countries around the world.

In January, sister site WIPR reported that Trump had withdrawn the US from the Trans-Pacific Partnership trade deal, while there were concerns over the future of the North American Free Trade Agreement.

PhRMA discussed the removal of “outdated” regulations that “drive up costs and slow innovation”.

“The current system needs to evolve to enable the private sector to lead the move to a value-driven healthcare system,” said PhRMA.

However, in order to evolve, reform of existing laws and regulations that are “currently preventing private companies from negotiating better deals and paying for medicines based on the value they provide to patients and our healthcare system” is required.

Trump also talked about reforming the tax code to spur investment and job creation in the US.

The organisation said: “We believe if these policies are enacted, it will translate to up to 350,000 new jobs over the next ten years as a result of growth in the biopharmaceutical industry.”

Yesterday, LSIPR reported that Trump said that he intends to lower drug prices and speed up the Food and Drug Administration approval process for new drugs.