Novartis freezing US drug prices for rest of year, report

Novartis follows Pfizer in agreeing to postpone drug price hikes after Trump slammed Pfizer.

Fox News Medical A Team’s Dr. Marc Siegel on how pharmaceutical giant Pfizer agreed to postpone drug price hikes after President Trump attacked the company on Twitter.

Novartis AG, the big Swiss drug company, said Wednesday it will freeze U.S. drug prices for the rest of this year, a move that follows a similar one by rival Pfizer, according to Bloomberg.

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The decisions to hold U.S. drug prices by the two pharmaceutical giants comes after President Trump publicly criticized Pfizer for its decision to raise prices.

Novartis CEO Vas Narasimhan announced the company's move during an earnings call in which he said the drugmaker wants its prices to be "reasonable" and "defensible."

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