The Trump administration should make the rising costs of prescription drugs a top issue to address in trade talks with other countries, Kenneth Davis, Mount Sinai Health System's CEO told CNBC.
"Why don’t we say, 'You guys can't allow the U.S. consumer to be subsidizing all the research and development costs of drug development. You've got to pay your fair share. We want to see you add 20 percent to the cost of your drugs,'" he said.
One of the main reasons the U.S. pays more for drugs is because in other countries governments pay for the drugs and set the prices, said Mr. Davis.
U.S. consumers wouldn't bear as much of the costs if other countries contributed more toward the prices, he added.
"The U.S. is being unfairly penalized for the cost of drugs around the world," Mr. Davis said.
Combating the rising costs of drugs in the U.S. is a bipartisan issue, and many lawmakers are working on proposals to help bring costs down.
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