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Novartis hits the brakes on price hikes as political pressure builds

In response to the heated political rhetoric over the cost of prescription drugs, Novartis has decided not to raise prices on its medicines in the U.S. for the rest of 2018.

“When I looked at the policy environment in the U.S. with our team, 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 chief executive Vas Narasimhan told Bloomberg Television, shortly after the drug maker first disclosed its decision as part of its latest earnings report on Wednesday.

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