Novartis Becomes Second Pharma Company To Pull Back On Price Increases

22 Julio, 2018, 01:39 | Author: Earnest Bishop
  • A sign of Novartis on the top of a building at the company's campus in Basel on Oct. 27 2015

In response to a congressional inquiry, Novartis said it planned to raise the prices of some drugs this year. "When I looked at the policy environment in the USA with our team, we thought the prudent thing to do was to pull back on any further price increases in 2018 and evaluate as the environment evolves", Novartis chief executive Vas Narasimhan told Bloomberg Television, shortly after the drug maker first disclosed its decision as part of its latest earnings report on Wednesday.

President TrumpDonald John TrumpNFL freezes policy barring players from protesting during anthem McConnell spokesman on Putin visit: "There is no invitation from Congress" Petition urges University of Virginia not to hire Marc Short MORE and Health and Human Services Secretary Alex Azar met with Pfizer CEO Ian Read Thursday amid the administration's campaign to get drug companies to lower prices, according to a White House spokesman. "Likewise to Pfizer. We are making a big push to actually reduce the prices, maybe substantially, on prescription drugs".

Pfizer moved on July 1 to raise the prices on 41 drug products.

However the price cut may also be motivated by the increasingly competitive hepatitis C drug market - sales of Zepatier slumped in the last quarter.

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"We thought that was prudent, given the dynamic environment we're now in", he said on the call, according to multiple reports.

We are also lowering our price on ZEPATIER by 60 percent and several other medicines by 10 percent to reduce out-of-pocket costs for patients across the country.

However, his administration did little until May, when it rolled out its 44-page "blueprint" for increasing competition, reducing regulations and changing the incentives for all players in the drug industry.

Trump's administration outlined a plan for lower prices a few months ago. For context, Merck brought in $8 million in U.S sales during just the first quarter from its statin Vytorin (ezetimibe/simvastatin), which went generic in the beginning of 2017.

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