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Pharma industry needs to be more transparent on drug pricing, Gilead CEO says

Gilead CEO: M&A is top of mind for us this year

Gilead CEO John Milligan called on the pharmaceutical industry to do more amid criticism of drug pricing.

"I think we've done a bad job as an industry of being transparent. We haven't really talked about what is paid by the payer or paid by the patient," Milligan said on CNBC's "Fast Money" on Tuesday.

The biotech industry has been under intense scrutiny amid criticism from presidential hopefuls in the past year.

Sen. Bernie Sanders has called out individual pharmaceutical companies for raising prices on orphan drugs. Hillary Clinton was also vocal about the issue, taking down the price of a key biotech ETF in the wake of her comments. President-elect Donald Trump told Time magazine that he wants to bring down drug prices because he doesn't like what has happened with them.

The payment system in the United States is fragmented, which Milligan said "creates a disconnect between the price that's often published and the price that people pay." The Gilead CEO added he believes there's too much burden placed on the patient in the current system.