Novartis came onto this decision after Trump abhorred the rise in prices in the US
The Swiss drugmaker Novartis, on Wednesday, surrendered on the decision for hiking the drugs prices. Following the verdict of Pfizer, the pharmaceutical giant, Novartis stated that it would not increase its products price. This was after when American President Donald Trump criticized the pharmaceutical companies stating that it is “such a disgrace” of increasing the prices of such a necessity.
Two months ago, at a bill-signing, Mr. Trump has announced about the “voluntary massive drops” by the leading drug companies within a span of two weeks. However, the tables turned when a contradictory step was taken by the pharmaceuticals giants.
Opposing the decision upright, Trump expressed his resentment on Twitter, on July 9, saying “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!”
Later, on 18th July, Trump made a “thank you” tweet to Novartis for taking the decision back.
Vas Narasimhan, chief executive of Novartis, said the decision was made by the company on June for elevating the drugs prices. He added, “We thought that was prudent, given the dynamic environment we’re currently in”. Trump and Narasimhan didn’t meet directly but was in contact with the US Health and Human Services Department, headed by Alex M. Azar.