Drugmakers Cancel Price Hikes After California Law
Takes Effect
By: Ben Elgin, Cynthia Koons, and Robert Langreth
July 10, 2018
"A handful of the world's biggest drugmakers are canceling or reducing planned price increases in the U.S., following a new California drug pricing transparency law and continued political pressure over pharmaceutical costs.
"The California law, which began to take effect earlier this year, requires drugmakers to give insurers, governments and drug purchasers advance notice of large price increases, as a way of publicly pressuring pharmaceutical companies to keep prices down.
In the past three weeks, Novartis AG, Gilead Sciences Inc., Roche Holding AG and Novo Nordisk A/S sent notices to California health plans rescinding or reducing previously announced price hikes on at least 10 drugs.
"Th
e drugs include everything from multibillion-dollar blockbusters like Novartis's psoriasis drug Cosentyx to smaller products, such as Entresto for heart failure and Gilead's drugs Letairis for pulmonary hypertension and Ranexa for angina."
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