Novartis has become the second pharmaceutical giant in just over a week to delay drug price increases after rival Pfizer faced public bashing from President Trump.
Novartis, a Swiss-based company, is voluntarily putting off increasing drug prices, according to CEO Vas Narasimhan. The company wants its drug costs to be “reasonable,” he said.
[Opinion: Gangster government is not the prescription for drug prices]
Novartis has been under scrutiny for paying the firm of Michael Cohen, Trump’s former personal lawyer, $1.2 million to offer advice on the administration. A report from Senate Democrats revealed that the company hired Cohen in order to influence policy on lowering drug prices.
The president and his staff have been focusing on carrying out a blueprint to reduce the costs of prescription drugs, which polling shows is a major concern for patients. For months, Trump has said the public should expect to see drug prices come down.
Following pressure from the president on Twitter last week, Pfizer announced it would hold off on price increases that were set to go into effect July 1 “to give the president an opportunity to work on his blueprint to strengthen the healthcare system and provide more access for patients.”
