WALGREENS, 1% AND, YOU KNOW,
BIOTECH, HE TALKED A LOT ABOUT
BIO SIMILARS, THEY SEEM TO BE
FINE TOO.
NOBODY SHOULD BE SURPRISED AT
PRESIDENT TRUMP'S IRE OVER THIS.
HE HAS NEVER MADE IT A SECRET.
HE'S NOT A FAN OF THE DRUG
COMPANIES, HE'S ACCUSED THEM OF
RIPPING OFF THE AMERICAN PUBLIC
WITH HIGH COST TO PRESCRIPTION
DRUGS, THE PRESIDENT INDICATING
IT IS TIME TO START TAKING U.S.
CONSUMERS FOR FOOLS.
>> IN SOME CASES MEDICINE THAT
COSTS A FEW DOLLARS IN A FOREIGN
COUNTRY COST HUNDREDS OF DOLLARS
IN AMERICA FOR THE SAME PILL
WITH THE SAME INGREDIENTS IN THE
SAME PACKAGE, MADE IN THE SAME
PLANT AND THAT IS UNACCEPTABLE.
YOU CAN LOOK AT SOME OF THE
COUNTRIES, THEIR MEDICINE IS A
TINNY TRACTION WHAT THE MEDICINE
COSTS IN THE USA.
IT'S UNFAIR AND IT'S RIDICULOUS
AND IT'S NOT GOING TO HAPPEN ANY
LONGER.
LIZ: SO WHAT'S THE ANSWER, MORE
COMPETITIVE, MORE GENERICS,
COMPANIES LIKE MYLAN, MAKER OF
EPIPEN, REMEMBER WHEN IT HOISTED
THE PRICE OF LIFE-SAVING PEN BY
600% FORCING MANY CHILDREN OH
GOING WITHOUT LIFE-SAVING DRUG,
JOINING US NOW SOMEBODY WHO
HELPED TRIGGERED THE AWAKENING
TO PRICE OF EPIPEN, ERIN
BROKOVICH OF FOOD ALLERGIES,
MICHAEL RAY WHO WITNESSES
CONSUMERS STRUGGLE TO PAY
MEDICATIONS.
WHAT DO YOU THINK OF THE
PRESIDENT'S PLAN TO BRING COSTS
DOWN AND DID YOU HEAR ANYTHING
THAT WILL PREVENT THE MYLANS OF
THE WORLD FROM KEEPING A LOCK ON
WHICH DIRECTION PRICES GO?
>> YOU KNOW, ONE OF THE THINGS
THAT THE SECRETARY TOUCHED ON
WAS LEGISLATION THAT WAS
INTRODUCED IN 2003 WHICH GIVES
THE STATES THE ABILITY TO
NEGOTIATE SOME OF THE PRICES AND
I THINK AT THIS POINT THAT'S
WHAT WE ARE STARTING TO SEE.
YOU SEE THE STATE OF UTAH, YOU
SEE THE STATE OF WEST VIRGINIA,
WE ARE TIRED OF PRICE GOUGING,
WE NEED TO NEGOTIATE PRICES.
YOU ARE TALKING ABOUT FOOD
ALLERGIES, CANCER, DIABETES, ANY
CONDITIONS, IT DOESN'T MATTER
WHAT SIDE OF THE AISLE WE ARE
ON, IT'S IMPACTINGS EVERY SINGLE
AMERICAN FAMILY AT THIS POINT.
LIZ: MICHAEL, TELL ME WHAT YOU
THOUGHT?
THERE ARE A BUNCH OF POINTS THAT
WERE MADE, ALEX AZAR JUST TALKED
ABOUT TAKING ON COMPANIES AND
FORCING THEM TO ALLOW ACCESS IN
ORDER TO BRING OUT GENERICS MORE
QUICKLY, THEY ARE WORKING VERY
HARD WITH FDA WHICH IS MUCH MORE
OPEN TO FAST-TRACKING GENERIC
VERSIONS OF THESE DRUGS, WHY ARE
THE STOCKS HIGHER?
IT DOESN'T SEEM LIKE THERE'S ANY
FEAR IN ANYTHING THAT THE
PRESIDENT OR ALEX AZAR SAID
THAT'S MAKING INVESTORS
>> I THINK A LOT OF ANGST IN THE
MARKET WAS PRICED IN PRIOR TO
THE ANNOUNCEMENT.
WAS NOT AS AABRASIVE SOME
ANALYSTS THOUGHT IT WOULD BE
LISTENING TO SECRETARY AAZAR IT
WAS LIKE COMMERCIAL FOR OUR
COMPANY.
IT CONSTITUTES A EFFICIENT
MARKET.
RIGHT NOW WE HAVE OLIGOPOLY.
WE HAVE A CHANCE TO RESET.
IF YOU GET INFORMATION TO
CONSUMERS HELP THEM UNDERSTAND
WITH THEIR DOCTORS WHAT THE
THERAPY CHOICES ARE, WHAT THE
PRICES ARE, IT WILL DRAMATICALLY
CHANGE THE GAME.
LIZ: THE PRESIDENT FROM THE
START ON THE CAMPAIGN TRAIL
WANTED TO DRAMATICALLY CHANGE
THE GAME AND WHEN HE WAS
PRESIDENT HE HAD ONE LINE THAT
PROBABLY STRUCK FEAR IN MANY
PHARMA COMPANIES.
I WILL PLAY IT, GET YOUR
REACTION.
>> THE DRUG COMPANIES ARE
FRANKLY GETTING AWAY WITH MURDER
AND WE WANT TO BRING OUR PRICES
DOWN TO WHAT OTHER COUNTRIES ARE
PAYING.
>> THEY'RE GETTING AWAY WITH
MURDER.
PHARMA, PHARMA HAS A LOT OF
LOBBYISTS AND A LOT OF POWER.
LIZ: ROBIN, YOU KNOW HOW
POWERFUL THE LOBBYISTS ARE.
CAN CONGRESS TAKE THEM ON.
>> THE THING MISSING IS
TRANSPARENCY, CONSUMERS, OTHER
SIDE, GOVERNMENT, WE NEED TO
KNOW WHAT IS HAPPENING WITH THE
NEGOTIATIONS.
THE KICKBACKS.
PHARMACY BENEFIT MANAGERS ARE
MIDDLEMEN.
THAT IS ABSOLUTELY A CASINO
INSIDE AGENCIES.
GROUP PURCHASING ORGANIZATION,
SAME THING AT THE HOSPITAL
LEVEL.
THERE IS NO TRANSPARENCY.
WE'RE COMPLETELY RUNNING BLIND
AS CONSUMERS.
WHAT IS HAPPENING STATE BUDGETS
ARE BEING SO COMPROMISED AT THIS
POINT THEY DON'T HAVE ANY
VISIBILITY INTO THE PRICING
STRUCTURE.
THEY'RE JUST GETTING SLAMMED.
LIZ: MICHAEL WE HERE AT FOX
BUSINESS, CERTAINLY I AM A FREE
MARKETEER.
LET ME PLAY THE DEVIL'S
ADVOCATE.
THE PRESIDENT IS TAKING ON A
HUGE SECTOR OF SOCIETY TAKES A
LOT OF RISKS.
I WAS AT MERCK.
I MET A GUY SPENT 17 YEARS
DEVELOPING A DRUG.
HIS CHILD WAS IN UTERO WHEN HE
STARTED AND THE KID WAS
GRADUATING HIGH SCHOOL, GOING TO
COLLEGE BY THE TIME THEY MADE IT
TO THE SHELF.
THEY TAKE ON A LOT OF RISK,
DON'T THEY DESERVE PRICE FOR
THAT RISK WHEN IT SAVES LIVES?
>> ABSOLUTELY.
WHAT CONSTITUTES A GOOD PRICE?
AS A HUMAN BEING I WANT TO SEE
THE R&D HAPPEN, AND NEW CURSE
COME TO MARKET.
IT IS TRANSFORMATIONAL THAT NEW
THERAPIES BRING BUT AT SAME TIME
IT HAS TO BE BALANCED.
THERE ARE ONLY SOME DOLLARS IN
THE BUCKET.
THERE ARE REAL PEOPLE OUT THERE
PAYING PRICES SO UNAFFORDABLE
WHEN THEY CAN'T PAY THE TICKET
PRICE.
NOT DOING SO GOOD.
LIZ: PAIR INCREASED COMPETITION,
TRANSPARENCY AND FDA MOVING
FASTER, WE MAY SEE SOME ACTION.
ROBIN, MICHAEL, GOOD TO HAVE YOU
ON THIS.
WE HAVE TO BRING YOU BACK.