Novartis pulls back on planned drug price increases

Novartis pulls back on planned drug price increases
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Novartis will not raise drug prices in the U.S. this year, the company's CEO told Bloomberg on Wednesday. 

The announcement comes after Pfizer agreed to temporarily hold off on increasing the prices of some drugs after receiving criticism from President TrumpDonald John TrumpGillibrand urges opposition to Kavanaugh: Fight for abortion rights 'is now or never' Trump claims tariffs on foreign nations will rescue US steel industry: report Bannon announces pro-Trump movie, operation team ahead of midterms: report MORE

“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 said in an interview with Bloomberg.

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Trump has pressured drug companies to keep prices low, and met with Pfizer after it announced price increases for more than 100 drugs. 
After the meeting, Pfizer said it would hold off on increasing prices until the administration releases its drug pricing plan or the end of the year, whichever comes first.  
 
The administration already released a "blueprint" to lower prices, but it is light on specifics and seeks to draw recommendations from the industry. 
 
Democrats have been critical of the administration's approach to lowering drug prices.

“Trump has spent nearly half of his presidency making empty promises on drug prices while Big Pharma continues to raise prices on Americans unabated,” Sen. Ron WydenRonald (Ron) Lee WydenGroup files lawsuit to force Georgia to adopt paper ballots Treasury releases proposed rules on major part of Trump tax law Rubio slams Google over plans to unveil censored Chinese search engine MORE (D-Ore.) said this week.