Eli Lilly (LLY) and Bayer's pharmaceutical division have backed the Trump administration's call for higher drug prices in Europe, the Financial Times reported on Tuesday.

Referring to a trade investigation into Germany on spending on new drugs, Patrik Jonsson, president of Eli Lilly's international division, told the FT that the probe is drawing attention to a long-held industry view that Europe pays too little for patented medicines.

Stefan Oelrich, head of Bayer's pharmaceuticals division, compared Europe's reliance on lower US-funded drug prices to its dependence on American defense spending, referring to President Donald Trump's numerous calls for North Atlantic Treaty Organization members to increase defense spending, the FT reported.

Eli Lilly and Bayer did not immediately respond to a request for comment from MT Newswires.

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