President Donald Trump’s administration is planning to “clean house” at the country’s top pharmaceutical company by slashing the salaries of the top executives, the White House announced Wednesday.
The White House also will “immediately rescind the current and proposed retirement incentives” at several of the nation’ts largest drugmakers, the announcement said.
The administration is also reviewing the salary agreements with Pfizer and Turing Pharmaceuticals, a decision that could have consequences for the future of pharmaceutical companies, the statement said.
“The president and his team have repeatedly made it clear that they are committed to a long-term strategy that will create good-paying jobs at companies that are already here and that have strong consumer and health benefits,” White House Press Secretary Sean Spicer said in a statement.
The announcement came after the president on Wednesday asked Congress to pass a bill that would allow the government to pay for his administration’s planned $1 trillion healthcare overhaul, calling it a “game changer.”
“We are committed by law to creating good-wage jobs for Americans in every state and region,” the president said in the tweet.
“This will be accomplished through the use of the government’s tax dollars, and through the passage of a massive health care reform package.”
The White Hill report said the president has requested that the U.S. Department of Health and Human Services (HHS) cut more than $5 billion from the retirement and pension plans of about 700 top executives.
The administration has been trying to reduce their compensation by at least 40 percent, according to the report.
The pharmaceutical industry has been lobbying Congress to make changes to pay rates for its top executives in recent years, citing concerns about the long-running opioid crisis in the U .
The industry has also been pushing for higher pay.
In addition to Trump’s plan to cut the pay of some of the CEOs, he has proposed to give companies $300 billion in tax cuts over a decade.