Trump thanks major pharma companies for not raising prices


President Donald Trump on Thursday thanked two major pharmaceutical companies for not raising their prices, adding that his administration was making ”a big push” to slash prescription drug prices.

“Thank you to Novartis for not increasing your prices on prescription drugs. Likewise to Pfizer. We are making a big push to actually reduce the prices, maybe substantially, on prescription drugs,” Trump said in a tweet.

Earlier this month, the president was able to persuade Pfizer CEO Ian Read to defer the company’s planned price hikes, explaining in a call that the company had complicated the administration’s drug pricing plans.

Amid pressure from the White House and lawmakers, rival Novartis also halted anticipated price increases, the Swiss drugmaker’s chief Vas Narasimhan told reporters Wednesday, according to Bloomberg News.

“We thought the prudent thing to do was to pull back on any further price increases in 2018 and evaluate as the environment evolves,” Narasimhan told Bloomberg.

Last week, Pfizer reversed price hikes on some drugs in the US after Trump threatened action and said on Twitter that drug companies should be “ashamed” for boosting costs.

“Pfizer & others should be ashamed that they have raised drug prices for no reason. 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!” Trump tweeted July 9, briefly rattling the company’s shares.

In May, the Trump administration outlined a plan for lower prices, but critics have said it did not go far enough.

With Post wires



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