Trump says drug prices 'will soon be lowered massively'
Pharmaceutical industry is pushing back
President Trump declared drug prices will be cut "massively" as he continues to battle with the pharmaceutical industry.
"Drug prices will soon be lowered massively. Big Pharma (Drug Companies) are advertising against me like crazy because lower prices mean less profit," Trump tweeted Thursday. "When you watch a Fake Ad, just think lower drug prices!!!"
The pharmaceutical industry is pushing back after Trump signed four executive orders designed to slash drug prices last week.
TRUMP'S FOUR EXECUTIVE ORDERS TO LOWER DRUG PRICES: WHAT TO KNOW
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.
A pharmacist helps a customer. (iStock)
PhRMA, a pharmaceutical industry trade group, accused Trump of "disrupting" the fight against coronavirus.
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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."