Speaking to , Merck & Co., Inc. (NYSE: MRK)'s CEO Kenneth Frazier discussed the company's Keytruda drug that is used to treat patients suffering from lung cancer.

Frazier, citing recent data from studies, said that using Keytruda could extend the life of a patient by approximately 13 months on average.

"This is a new category of drugs that stimulates the body's immune system," the executive said. "We know that it will reduce the risk of death by 30-40 percent for people who had failed on standard chemo-therapy."

Separately, Frazier commented on the recent wave of M&A in the sector, particularly tax inversion deals. He said that U.S.-based pharmaceutical companies are at a "structural disadvantage" in terms of global competition for IP assets, talent and capital.

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