7/20/2018, 1:00 PM (Source: TeleTrader)
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Roche, Sanofi vow not to raise drug prices

Pharmaceutical giants Sanofi and Roche said on Friday they will not be increasing drug prices in the United States before the end of the year after receiving criticism from President Donald Trump. Roche noted that it informed the US Department of Health about its decision on July 11.

With the announcement, the companies joined Pfizer and Novartis which already vowed to delay prices hikes as a result of Trump's comments. Meanwhile, US-based Merck & Co. went a step further as it promised to reduce prices of some of its medicines. German Merck KGaA also decided not to hike prices in the US.

Earlier, Trump slammed pharma firms for raising prices "for no reason" in the US, while giving "bargain basement prices to other countries in Europe & elsewhere." However, after the companies started announcing they will not boost medicine prices, the US president thanked Pfizer and Novartis and vowed to work on getting the industry to cut prices.

Breaking the News / NP