Pharma exec says industry must get fair about pricing new drugs - (Boston Herald via NewsPoints Desk)

  • Regeneron Pharmaceuticals' CEO Leonard Schleifer is warning that the controversy over drug pricing could hurt the US pharmaceutical industry if companies do not start lowering prices on their own, reported Boston Herald.

  • "Drug pricing has the potential to be the undoing of our industry. We're not getting it right," Schleifer said.

  • "This is very urgent that we start behaving as an industry in a way that the public feels it's getting drugs that represent the value we're charging for them," he stated, adding "we tended to get out of whack, the drugs weren't all that great, the prices were not matched well to what they were doing."

  • According to Schleifer, the problem is not limited to investors looking to profit quickly by buying an existing company and then significantly raising the price of a drug.

  • "When people every year are raising their prices by 15 percent, that's where we get in trouble," the CEO remarked.

  • Schleifer also said he is confident lawmakers and the Trump administration will find a way to fund the National Institutes of Health (NIH). The NIH is fully funded in the budget deal passed and signed earlier this year, but early versions of Trump's budget called for drastic cuts.

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