Trump overhaul of U.S. drug pricing will trigger ‘monumental destruction’

Albert Bourla, PfizerGian Ehrenzeller | Keystone | APPresident Donald Trump's govt orders geared toward reducing U.S. prescription drug prices will

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Albert Bourla, Pfizer

Gian Ehrenzeller | Keystone | AP

President Donald Trump‘s govt orders geared toward reducing U.S. prescription drug prices will trigger “monumental destruction” because the pharmaceutical trade races to develop vaccines and coverings for the coronavirus, Pfizer CEO Albert Bourla advised buyers Tuesday.

Trump on Friday signed four executive orders designed to carry U.S. drug costs a minimum of on par with their prices abroad.

“General, I am disenchanted with this govt order,” Bourla stated throughout a convention name discussing the company’s second-quarter earnings. “They pose monumental destruction in a time when the trade must be utterly centered on creating a possible Covid-19 vaccine or therapy.”

Trump has made reducing drug prices one in all his key health-care points early in his time period. However drug pricing has taken a backseat over the past yr because the Trump administration has shifted its focus to different priorities resembling the teenager vaping epidemic and now the coronavirus. The Pharmaceutical Analysis and Producers of America referred to as the chief orders a “reckless distraction.”

The remark by Bourla got here after the corporate reported better-than-expected second-quarter earnings and raised its outlook for 2020. The outlook was raised regardless of a 32% drop in revenue. Pfizer stated the coronavirus shaved about $500 million,…