Pfizer CEO Albert Bourla says that President Donald Trump’s executive orders that aim to reduce prescription drug costs could destroy the industry.
He said that the president’s orders would cause “enormous destruction” as the pharmaceutical industry works on developing vaccines and treatments for the coronavirus.
Trump signed four consecutive orders aimed at lowering the drug prices in the US at least on par with their prices in other countries.
According to Trump, Americans pay 80% more for prescription drugs than Canada, Germany, and other countries for some of the most expensive medicines.
“The four orders I’m signing today will completely restructure the prescription drug market in terms of pricing and everything else to make these medications affordable and accessible for all Americans,” Trump said at the White House.
“Under my administration, we’re standing up to the lobbyists and special interests and fighting back against a rigged system,” he said.
"Disappointed"
“Overall, I’m disappointed with this executive order,” Bourla said during a conference call discussing the company’s second-quarter revenue. “They pose enormous destruction in a time when the industry needs to be completely focused on developing a potential Covid-19 vaccine or treatment.”
Meanwhile, Pfizer spokeswoman Amy Rose later told CNBC in an email that Bourla actually remarked that the orders were an “enormous distraction” for drugmakers racing to produce coronavirus vaccines and that some services “mis-transcribed” the word as “destruction.”
A transcript service from data provider FactSet revealed a third interpretation of his comments. According to FactSet, Bourla, who is Greek and speaks with an accent, said the new orders would lead to an “enormous disruption” in the industry. CNBC stands by the original quote.
Bourla’s statements came after the company presented better-than-expected second-quarter revenue and increased its outlook for 2020. The forecast was expanded amid a 32% decline in profit. Pfizer said the coronavirus pandemic took about $500 million, or 4%, from its quarterly revenue as more people stayed home and sought new prescriptions and vaccinations.
Trump's move was described as a “reckless distraction” to the coronavirus pandemic by the industry trade group PhRMA, the Pharmaceutical Research and Manufacturers of America.
The pharmaceutical industry and regulators reiterated that importing drugs may not be safe for consumers. Sen. Bernie Sanders stated that importing drugs from other countries may boost competition and significantly lower prices.
Pfizer
Pfizer and German biotech company BioNTech announced that they started their late-stage human trial for a potential Covid-19 vaccine on Monday.
They have confirmed the safety of their potential Covid-19 vaccine, which induced an immune response in patients.
During the trial, volunteers took two doses of the vaccine, and then they produced virus-neutralizing antibodies, which was also what happened to the US trial.
The companies said that the data is accessible on an online preprint server at medrxiv and is undergoing scientific peer-review for potential publication.
Over 150 possible vaccines currently being developed and tested worldwide to help curb the pandemic. Overall, there are 23 candidates in human clinical trials, including from Moderna and AstraZeneca.
