00:00We picked up millions of people in the Republican Party. They lost millions of people and I think we're going to do very well in the midterms and I just want to say one other thing and that's medicine. The cost of medicine all over the world is much cheaper than the United States because for years the world pushed us around including our friends and you go to Germany, you go to England, you go to different places and you go to a store and it's sometimes 10 percent of what we pay in the United States because
00:30they said, nope, we're not paying anymore. You charge the United States. This went on for 25, 30 years and I invoked favored nations. I said, I want to pay the same as their pay and Bobby Kennedy is doing a good job and Dr. Oz is doing a good job and I asked them, I mean, other than the basics that they're doing on autism and other things, which we've got to solve that problem because it's crazy what's happening, it's out of hand, but this is their most important thing that can be done.
01:00is favorite nations, Bobby. And we're not talking about a 25 percent cut or 50, we're talking about a 1500 percent cut because people go to Europe to buy drugs and they come back with drugs, prescription drugs, normal, not, I don't mean the bad, bad drugs, I mean prescription drugs
01:19because you can buy them because you can buy them for 10 percent, 15 percent, 20 percent or what. So they're going to go up in price and I told the countries and I get along good with all of them and you could ask any, any, I get along good with all of them.
01:34But I said, you know, I told them, I said, you're going to go up a little bit because it's the world. It's the world. So more people in the world that we have, we're going to go down a lot and they're going to go up a little and it's called equalization.
01:47We're going to have equalization. So we pay the same price as the lowest drug sold anywhere in the world. And I think Bobby, that's going to happen pretty soon. The companies are ready for it. They had to go for years.
02:01I was with a very great gentleman from Eli Lilly. I think he's an incredible executive. I've been, I'll mention the company and I'll mention him because we had this argument my first term and then we had it in my second term.
02:17And my second term, I wouldn't stop until I won the point and he threw up his hands. He says, you're right. I can no longer defend it.
02:24I can no longer defend that a pill that's made by Johnson and Johnson in a factory in the same factory in the United States versus a place in Europe or other places, including Canada, by the way, you could buy it for 10 percent or 15 percent or 20 percent.
02:43The cost of what we're paying where we pay five, six, seven times more money. He said it's the hardest part of my job defending that. I'm not going to do it anymore.
02:52I'm saying that we have to get down to business and that's a great company. He's done a great job and I appreciated it.
02:58And it really broke the ice because they were sending. Well, we have to do research and development.
03:02Well, you have to do it for Germany and all these other countries, too. Well, they think the United States should bear it.
03:07I mean, I heard this stuff and I finally said it's over now. You have to have somebody that can get these countries to do it.
03:15I told them if you don't do it, we're going to charge you a 25 percent tariff on everything you send into our country.
03:21That's much more money than what we're talking about. Then we have to get the drug companies to do it.
03:26And they'll do it because we have tremendous power over the drug companies, too.
03:29So we're going to get it done. I just hope we get it done fast, Bobby, because this thing should go fast.
03:34But we're going to get the cost of medicine is going to be a thousand percent. Think of that, not two percent.
03:43And I just tell this last story. When I was in my first term in my last year, I was so proud of myself because drug prices went down for the first time in 28 years under my administration.
04:00You know how much it went down? One quarter of one percent. And I was so proud of that. And I held a news conference.
04:07I think you'll be able to find it congratulating myself and my administration because for the first time in 28 years, drug prices went down.
04:17One quarter of one percent, but it still went down. And I thought it was great. And then I realized, you know, it's a very complicated business and formula.
04:27You've got to be very smart. I said, we're really getting ripped off by the whole world. The whole world is ripping us off.
04:35And what happened is I got on this kick and I got the drug companies to agree and I got countries to agree, countries to agree.
04:46And they're not agreeing because they think I'm a nice person. They're agreeing because I will put charges and charges and costs and tariffs onto them that will be many times more than what they're going to be paying.
05:01So the companies are there and the countries are there. And we got to get it done, Bobby. We got to get it done.
05:08And we're going to have the biggest price of that. Now that's going to lower Social Security, Medicare, Medicaid.
05:15This is going to look lower everything because drugs go for everything. It's going to have the biggest impact, I think, of anything that can possibly be done.
05:24But you're going to your costs are going to be going down for medicine, for prescription drugs.
05:29We'll be going down at levels that nobody ever thought possible. And that's going to happen in a matter of a very short period of time.
05:36And we're all set with the countries and we're all set with the with the companies. So you need the two and the middleman gets cut out under this scenario.
05:46The middleman doesn't exist anymore. That was the other thing. They always blame the middleman. I said, who are the middlemen? Nobody knew who the middleman was.
05:52You know, they had the most complex formula. It was genius, but they didn't get away with it.
05:59So I'm counting on Bobby. Do you want to start, Bobby? Maybe we'll start.
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