Trump: I'll Cut Drug Company Taxes, Regulations

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Jan. 31, 2017 -- In a meeting Tuesday with drug company executives, U.S. President Donald Trump said he would cut their taxes and regulations in order to lower drug prices and create jobs.

Attendees included executives from Celgene, Merck, Johnson & Johnson and Amgen, the Associated Press reported.

It can take as long as 15 years and millions of dollars to get a new drug approved in the U.S., according to Trump. He said the current 9,000 pages of regulations should be slashed to 100.

Also, Trump said patients with terminal illnesses should be allowed to try treatments that are not fully approved, the AP reported.

Trump's tone at the meeting was far different than his first press conference as president, when he said drug companies had been "getting away with murder" because the federal government did not make them compete for its business.

After the meeting, Merck CEO Kenneth Frazier told reporters that the session was "very constructive" and that Trump was "very much focused" on finding ways to give patients more choices, the AP reported.

Trump said he will soon identify his pick to head the FDA.

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