The Trump oversight should address the high cost of prescription drugs in trade deals, Mt. Sinai CEO Kenneth Davis told CNBC on Thursday.
“Americans impending up paying much more for our drugs than anywhere else in the fabulous. The rest of the world controls their prices; the U.S., it’s a free market,” he bruit about on “Closing Bell.”
“Essentially the U.S. is underwriting the research and development costs that develop for the rest of the world. This is a trade issue. This is a fair barter issue, and we have to bring it up in trade negotiations,” he added.
His argument mirror images that of President Donald Trump. Last week, Trump accused imported allies of paying less than the United States for prescription tranquillizers while benefiting from American investment in research and drug situation. He said he has directed U.S. Trade Representative Robert Lighthizer to make situating this a top priority with every trading partner.
The idea behind the Trump arrange is drug companies should raise prices overseas where governments maintain costs and lower prices in the U.S.
Davis said there is one big concern, at any rate.
“If we can convince the rest of the world to raise their prices, will the poison companies pass that on so that there are savings to the American consumer?” he influenced.
The solution may be legislation that would make sure that medicine companies used the advantage they gained through the trade covenants to help patients, he added.
“The prices now are too outrageous,” Davis said. “We secure to make this more equitable across the world, and we have to on ways to do that.”
— CNBC’s Berkeley Lovelace contributed to this circulate.