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Trump thanks Novartis, Pfizer for not raising drug prices 

Key Points
  • U.S. President Donald Trump thanked two major drug companies for not raising their prices.
  • The president also said his administration was working toward substantially cutting prescription-drug prices.
President Donald Trump
Leah Millis | Reuters

U.S. President Donald Trump thanked two major drug companies on Thursday for not raising their prices and said his administration was working toward substantially cutting 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 Trump was able to persuade Pfizer CEO Ian Read to defer the company's planned price hikes, explaining in a call the company had complicated the administration's drug pricing plans.

Facing pressure from the Trump administration and lawmakers, Swiss drugmaker Novartis has also halted anticipated price increases.

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Key Points
  • Johnson & Johnson CEO Alex Gorsky defended drug prices while saying they way they are paid for needs to change.
  • President Donald Trump has tried to publicly shame drug companies into lowering prices.
  • Pfizer last week delayed drug price increases after Trump said on Twitter that Pfizer "should be ashamed" of itself.