In remarks to reporters while flanked by the CEOs, Trump said, "The U.S. drug companies have produced extraordinary results for our country, but the prices have been astronomical for our country."
"We're going to be changing a lot of the rules," Trump said. "We're going to be ending global freeloading. Foreign price controls reduce the resources of American drug companies to finance drug and R&D innovation. I think you people know very well, it's very unfair to this country."
"Our trade policy will prioritize that foreign countries pay their fair share for U.S.-manufactured drug, so our drug companies have greater financial resources to accelerate development of new cures, and I think that's so important," Trump said. "Right now it's very unfair what other countries are doing to us."
The president said that "competition is the key to lower drug prices," and he promised to "oppose anything that makes it harder for smaller, younger drug companies to take the risk" of bringing a medication to market.
Trump also decried what he said was the situation where "I go to a drug store to buy aspirin [and] the aspirin costs me less than what the United States pays for aspirin."
The president was referring to regulations that Medicare, the federally run health coverage program for primarily the elderly, is barred by law from negotiating drug prices.
Correction: This story was revised to note that Medicare is primarily for the elderly.