Obama Targets Drug Companies for Cuts in U.S. Debt Talks

July 15, 2011
Bloomberg
By Drew Armstrong

Drugmakers led by Pfizer Inc. (PFE) and Merck & Co. were targeted for Medicare cuts by President Barack Obama as lawmakers push to agree on a deficit plan. The industry predicted “startling” job losses would result.

Pharmaceutical companies “are still doing very well through the Medicare program,” Obama said today at a news conference. “Although we have made drugs more available at a cheaper price to seniors who are in Medicare through the Affordable Care Act, there’s more work to potentially be done.” Read more

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