Novartis Halts Drug Prices Hike In US

(RTTNews) - Swiss drug giant Novartis has become the latest drug company to decide it will not raise prices of its products in the US for the rest of the year.

The company Wednesday said that it would not raise prices this year in the US, days after its rival Pfizer delayed its decision to hike drug prices after it came under pressure from Trump.

"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 CEO Vas Narasimhan told Bloomberg.

Last week, Pfizer said, following a discussion with President Trump, the company will defer its price increases that were effective on July 1 to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients.

"Just talked with Pfizer CEO and @SecAzar on our drug pricing blueprint. Pfizer is rolling back price hikes, so American patients don't pay more. We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!" President Donald Trump had tweeted.

Earlier, Trump had criticized Pfizer and other pharmaceutical companies for raising drug prices.

"Pfizer & others should be ashamed that they have raised drug prices for no reason," Trump had tweeted. "They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!"