President Trump tells U.S. drug makers to lower prices, produce in U.S.

U.S. President Donald Trump on Tuesday called on American pharmaceutical companies to lower prices and to manufacture more products in U.S.

"The U.S. drug companies have produced extraordinary results for our country but the pricing has been astronomical for our country," Trump told a group of executives of the American pharmaceutical companies.

"We have to get the prices way down," Trump said.

Trump promised the pharmaceutical companies that the administration will cut regulations to encourage drug companies to "bring back operations and jobs to U.S.," and will appoint a leader to streamline the Food and Drug Administration to reduce prices and get new products on the market faster.

Local media reported that drug companies attending the meeting were encouraged by Trump's focus on innovation, tax policies and regulatory reform.

The meeting between Trump and the drug companies is one of the series of gatherings Trump has held with business leaders during his first two weeks in office.

Trump has already met a group of manufacturers on Jan. 23 and said such gathering will be held on a quarterly basis with focus on "bring back American jobs."

After taking office for less than two weeks, Trump has signed several executive orders and presidential memorandum to state his intent to cut regulations. He has asked federal agencies to repeal two prior regulations when introducing a new one, and to control the regulatory costs. Enditem