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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 TrumpTrump to fundraise for 3 Republicans running for open seats: report Trump to nominate former Monsanto exec to top Interior position White House aides hadn’t heard of Trump's new tax cut: 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.