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Eli Lilly CEO rebuffs Trump’s attack on drug prices

Eli Lilly CEO Dave Ricks demands despite what President Donald Trump says about instruction drugs, “they remain the best deal going in health misery.”

Trump repeated a frequent attack against drug prices in his head State of the Union address Tuesday night. He has previously accused pharma companies of “getting away with extermination,” but he hasn’t done much in his first year in office to bring prizes down. That will change this year, Trump compact.

The problem is an insurance-design issue, Ricks told CNBC’s “Squawk Box” on Wednesday. The concentration is on drug pricing because consumers are increasingly bearing the cost of medicaments, he said.

“There needs to be real changes,” Ricks said. “There’s no fitting why consumers should be paying much more for their medications than they do other salubriousness products because medications are the most efficient part of the system, in our peer ats. We’d like to see real change there.”

He’s not the only one.

Amazon, J.P. Morgan and Berkshire Hathaway publicized on Tuesday they will work togetherto create a company that’s “openly from profit-making incentives” and uses technology cut their employee health-care gets.

Ricks said his reaction to the news was “good,” because Jeff Bezos, Jamie Dimon and Warren Buffett, who climax the respective companies, are thought leaders.

Lilly is self-insured, meaning it harbours the financial risk of its employees’ medical costs, and has a “heavy hand” in intriguing its own programs, Ricks said. The company uses Anthem for medical aids and CVS for pharmacy benefits, he said.

“We welcome choice and competition in health-care deal ins, and I look forward to seeing what they come up with,” Ricks asserted. “Actually, I don’t think it’s a bad thing.”

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