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

"We have to get lower prices, we have to get even better innovation, and I want you to move your companies back to the United States," Trump said. "I want you to manufacture in the United States."

Related: What's to Blame for High Drug Costs?

Trump also said he wanted to make it easier for pharmaceutical companies to win regulatory approval for their products.

"You're going to get your prices either approved, or not approved," the president said. "But it's going to be a quick process. It's not going to take 15 years."

The meeting included the CEOs of Merck, Amgen, Eli Lilly, Novartis, Johnson & Johnson, as well as the head of the trade group PhRMA.